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Gift from Maternal Uncle (mama), i.e. mother's own brother

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(Querist)
07 May 2024 Can Maternal Uncle (mother's own brother) gift 7 lk.. without any tax implications?
(The purpose is to trnsfr this money (equivalent) to UK to assist in purchase of the property.)
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 May 2024 Yes. As per sec. 56(2)(x) of IT act, gift received from Maternal uncle is tax exempt to Bhanja.
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CA Puja Sharma

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CA Puja Sharma (Expert)
08 May 2024 Yes, the gift will be exempt from tax under The Income Tax Act, 1961




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