Can a uncle can take gift from his nephew?is it exempt u/s 56 (2) vii?
2 Replies
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 25 March 2012
Uncle can take gift from anyone
The gift received from the nephew shall not be exempt u/s 56 (2) vii as nephew is sister's daughter and sister's daughter is not considerd as a relative u/s 2(41) of Income Tax Act ,1961
Ok...
amit
(st)
(111 Points)
Replied 25 March 2012
Can take bt fmv of gift wil be taxable as income from other sources
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