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Taxability of Gift Money given to maternal uncle (mama)
Whether the money (gift) given to my maternal uncle (i.e. Mother's Brother (Mama) is taxable or non taxable in the hands of recipient?
Replies (6)
its not exempt.
refer: https://business.outlookindia.com/personal-finance/tax/gift-received-from-nephew-is-not-exempt-from-taxation-under-section-56-2#:~:text=So%2C%20gift%20received%20by%20a,tax%20on%20it%20as%20well.
It will be taxable as Maternal uncle is not covered under the definition of RELATIVE as per section 2(41) of income tax act 1961
It's taxable in the hands of recipient
The said transaction will be taxable in the hands of the recipient, as bhanja/bhanji (Son/daughter of sister) are not covered under the purview of relatives u/s 56(2) of the I.T. Act
Yes taxable...not cover in relative definition
can be shown under head Income from other sources
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