Ramakrishna Aduru (TAX CONSULTANT) (13 Points)
27 December 2015
kajal kadmiya
(student)
(56 Points)
Replied 28 December 2015
It's taxable under head capital gain. Gift received is having worth more than Rs. 50000 and sister's son don't fall under the category of relative.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 29 December 2015
Yes, It is taxable but not under capital gain head.
Such income would be taxable in the year in which the gift is being received and taxable under head income from other sources.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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