gift from Bhatija to Chacha and vice versa
Satish Kavitake (389 Points)
21 August 2018
pl advise Gift from Bhatija to Chacha (uncle) and vice versa is taxable under income tax act
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 21 August 2018
Gift received by bhatija from chacha is tax-exempt; but not vice-versa.......
Ankita Chachan
(practitioner)
(548 Points)
Replied 21 August 2018
Gift received by Bhatija is exempted as they are relative u/s 56(2)(vii).
chacha cannot receive gift from bhatija. It will be taxable.
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