Cash received from uncle
Ravi Vinni (23 Points)
25 July 2019
cash received Rs.200000 from uncle as a Gift
3 Replies
Saket Mishra
(367 Points)
Replied 25 July 2019
If it is in the form of gift then no problem but if it in the form of loan or advance or specifird sum then sec 269ST shall apply and liable to penalty ...
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 25 July 2019
56(2)(vii) is applicable only when gifts are received by Individual and HUF. Donor or Donee may be Resident or non Resident. As per the Income Tax Act, 1961, if the value of gifts received, is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc
However, this rule is not applicable if : Gifts received:
i. From Relatives ii. On the marriage of individual, iii. By will or inheritance iv. In contemplation of Death of payer v. From local authority vi. From Charitable Trust registered u/s 12AA vii. From Any Trust, Foundation etc referred u/s 10(23c).
Meaning of Relatives
- Spouse of Individual - Brother & Sister of Individual - Brother & Sister of Spouse of Individual - Brother & Sister of either of the parents of Individual - Any Lineal ascendants or descendants of the individual - Any Lineal ascendants or descendants of the Spouse of the Individual
Now you have to check the relationship between you and your uncle failing in relative definition or not.
However, this rule is not applicable if : Gifts received:
i. From Relatives ii. On the marriage of individual, iii. By will or inheritance iv. In contemplation of Death of payer v. From local authority vi. From Charitable Trust registered u/s 12AA vii. From Any Trust, Foundation etc referred u/s 10(23c).
Meaning of Relatives
- Spouse of Individual - Brother & Sister of Individual - Brother & Sister of Spouse of Individual - Brother & Sister of either of the parents of Individual - Any Lineal ascendants or descendants of the individual - Any Lineal ascendants or descendants of the Spouse of the Individual
Now you have to check the relationship between you and your uncle failing in relative definition or not.
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