Gift from Maternal Uncle (mama), i.e. mother's own brother
This query is : Resolved
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.)
(The purpose is to trnsfr this money (equivalent) to UK to assist in purchase of the property.)
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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08 May 2024
Yes, the gift will be exempt from tax under The Income Tax Act, 1961
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