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Gift from Mother's brother

SunnyJ (Freelancer) (67 Points)

25 March 2024

My uncle wants to gift by bank transfer, kindly let me know if its taxable?

Are there any caps on the amount being transferred?

Thanks

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14 Replies

sabyasachi mukherjee (27615 Points)
Replied 25 March 2024

Not a direct blood relation

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SunnyJ (Freelancer) (67 Points)
Replied 26 March 2024

Thanks for your response, does it mean he can't gift ?

Shirshendu Nandi (IT Head in MNC) (10 Points)
Replied 06 May 2024

He can Gift , But you need to pay Tax on the whole amount .

Alternative way is . Your mama gifts it to your mother and your mother gifts it to you ( after a few months or a year at least)

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182415 Points)
Replied 06 May 2024

Gift received from mother's brother is tax-exempt. Mama comes under relatives, under IT act.

1 Like

Shirshendu Nandi (IT Head in MNC) (10 Points)
Replied 06 May 2024

Sir mera bhi post ka reply kar do please

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182415 Points)
Replied 06 May 2024

It will be tax exempt to Bhanja. There is no cap/limit; but it should be through banking mode. Additionally, you can prepare Gift deed on safer side.

2 Like

SunnyJ (Freelancer) (67 Points)
Replied 08 May 2024

Thanks for your response Sir, will go for Gift deed to be on the safer side

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182415 Points)
Replied 08 May 2024

Good Luck.

1 Like

deep1976 (propreitor) (278 Points)
Replied 08 May 2024

suppose a friend in usa wants to gift me more than rs 50000 ,then how will i show in my income...i hope it wont create any problem..what is the best method

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182415 Points)
Replied 08 May 2024

Declare it under Schedule IFOS, and pay tax over it.

1 Like

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deep1976 (propreitor) (278 Points)
Replied 08 May 2024

thanks a lot sir i have to just declare its a gift for a noble cause and i am ready to pay tax on it

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182415 Points)
Replied 08 May 2024

As per IT rules, any gift of Rs. 50,000/- or more to any individual, from Non-Relative/s, on other than specific occasion/s, are taxed at normal slab rate.

Good luck.

1 Like

Withpainna Alex (Withpainna) (22 Points)
Replied 13 December 2024

One workaround could be having your uncle gift it to your mother first, and then she can gift it to you later, as gifts between immediate family members are often exempt.