Easy Office
LCI Learning

Gift

This query is : Resolved 

17 March 2012 IS GIFT RECEIVED FROM UNCLE IN CHEQUE EXEMPT FROM TAX ?? U/S 56
MY UNCLE WANTS TO GIVE ME SUM OF RS 200000/-
IS IT TAXABLE?
IF NOT WHAT PROCEDURE TO BE FOLLOWED TO PROVE IN INCOME TAX WHETHER GIFT DEED IS OK ON STAMP PAPER WITHOUT REGISTRATION

EXPERT ADVICE REQUIRED.

THANKS IN ADVANCE

17 March 2012 Gift from a relative is exempt from tax.
uncle is a relative defined u/s 5.
hence u r not liable for tax on gift from u r uncle.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries




Answer Query