Gift from relative
This query is : Resolved
24 April 2015
is gift received from husband's father's brother's wife is falling under relative category?
24 April 2015
No, she is not regarded as relative under Income Tax Act, 1956.
Hence, gifts received from her above Rs. 50K is fully taxable.
Hence, gifts received from her above Rs. 50K is fully taxable.
24 April 2015
U can refer the following link for further clarification:-
http://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html
http://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html
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