For Gift Purpose
This query is : Open
21 October 2017
Dear Sir/Mam Plz tell me Can uncle (mausa) give gift to our nephew (bhanja) or not. Means any amount by way of cheque,NEFT or RTGS, and It is exempt or not..
21 October 2017
If gift is given to relative then same is exempted......
21 October 2017
Ok mam thanx I got it, from my way it is relative and it is exempted..
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21 October 2017
1. Gifts received from Relatives
Gift received from Relatives is fully exempted from the levy of tax and no income tax would be levied on such Gifts. To remove any confusion regarding the classification of Relatives, the Income Tax Act has very clearly laid down that only the following would be treated as relative for the purpose of claiming exemption from payment of Gift Tax:-
Spouse of the Individual
Brother or Sister of the Individual
Brother or Sister of the spouse of the Individual
Brother or Sister of either of the parents of the Individual
Any Linear ascendant or descendent of the Individual
Any Linear ascendant or descendent of the spouse of the Individual
Spouse of the person mentioned above
There is no maximum limit on the value of gifts received to be exempted from Gift Tax. All gifts received from relatives (irrespective of value) are exempted from the levy of Gift Tax.
21 October 2017
Correctly understood Rahul....
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21 October 2017
and thnx 2 u also Raja Sir.
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