Taxability of Gift Money given to maternal uncle (mama)
Raj Thakkar (ARTICLE) (374 Points)
23 April 2024Raj Thakkar (ARTICLE) (374 Points)
23 April 2024
Nikhil Kaushik
(Fellow CA)
(85289 Points)
Replied 23 April 2024
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.
Khush Trivedi
(2294 Points)
Replied 23 April 2024
Vishal Manakshe
(271 Points)
Replied 24 April 2024
CA Anoop Kumar Sharma
(Accounts Manager)
(452 Points)
Replied 24 April 2024
Yes taxable...not cover in relative definition