Miss Rinkal
(Student)
(1309 Points)
Replied 20 October 2015
Please define uncle as in your father's real brother or cousin. If its cousin brother then your father will be taxed for the entire gift as cousin brother is not within the definition of relative. And 19 year old son will not be taxed as gift is recd from father nor will be clubbed in father's hand as he is no more a minor.
In the present case, there will be no clubbing provisions if the transaction is genuine and not with the purpose to evade tax.
Also there is no cross transfer, as uncle trfd to father and father gifted to you. Hence clubbing provisions will not attract.
Miss Rinkal
(Student)
(1309 Points)
Replied 20 October 2015
OK. Nobody would be taxed then. Even if your uncle would have gifted you the money, I.e son then too son would not be subjected to tax.
However make sure that gift is documented vide gift deed . if its in cash or cheque., plain paper is also sufficient to get documented.
Even your father is not subjected to tax as gift from brother is covered in definition of relative. Hence not taxable
CAclubindia
