Gift
This query is : Resolved
20 August 2012
1.iam receiving a gift of 500 gms of gold jewelles from my cousin is it taxable? Iam takingcare of him and he is staying with me since he is ill.
20 August 2012
include all ascendent and desecendent.
cousin is not included
cousin is not included
20 August 2012
Yes it will be taxable as cousins are not included in the definition of " Relatives "
07 October 2021
Cousin can gift it to his parents, which will be tax exempt. & they can gift it to you without any tax liability.
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