31 January 2014
As gift received by nephew from uncle is allowed, whether gift received by uncle from nephew is also allowed or not? if not, why?- as what is specified is lineal ascendant as well as descendant in the definition of relative for tax free gift.
31 January 2014
Since uncle is brother of any of the parents, gift received from uncle will be exempt. But gift received from nephew is taxable. Lineal ascendants are Grand Parents, Great Grand Parents....and so on. Lineal descendants are Grand Children, Great Grand Children ....and so on.
CAclubindia
