Please guide
Can mama give gift to bhanej (sister's son) and vice-versa??
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Gift from relative under income tax
Replies (3)
Mama to Bhanej...tax free..Not taxable for Bhanej
Bhanej to Mama.. taxable in hand of Mama
So, Mama can give gift, but can't receive gift from Bhanej
Bhanej to Mama.. taxable in hand of Mama
So, Mama can give gift, but can't receive gift from Bhanej
Thank u... do u have chart of relatives for income tax purpose???
Relative definition is given in section 56(2) ma'am, you can look into
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