GIFT

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2011 Sir,

Kindly let me know, whether gift received from my Father's Brother's Daughter is taxable or exempted.
Whether it comes under the term Relative.

Revert Back at your earliest.

Jainish shah

Jainish shah (Expert)
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15 March 2011 Father's brother is defined as relative but daughter of Father's brother is not. So, gift directly received from her is taxable.

However you may plan as under:

Your father's brother's daughter will give a gift to your father's brother and then after your father's brother will gift you the same..this way it will bee exempt

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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15 March 2011 Gift trasaction from a non relative shall be subject to tax u/s 56 ( 2).

Gift transaction from relative shall be exempted from the tax net.

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