Amit Kumar Das (Retd) (236 Points)
04 October 2018I am a resident sr citizen.
I intend to make a cash gift from my matured ppf to my nephew. Will it be taxable in the hand of my nephew? If not, upto what amount it will not be taxed ?
What is the procedure of making the gift?
Should it be shown in his ITR and in what manner?
Ankita Chachan
(practitioner)
(548 Points)
Replied 04 October 2018
It will be taxabl ein the hands of nephew as nephew is not covered under the definition of relatives
Prasad M
(Student)
(42 Points)
Replied 04 October 2018
Ankita Chachan
(practitioner)
(548 Points)
Replied 04 October 2018
U can gift to sister.. There is no restriction on it.
Prasad M
(Student)
(42 Points)
Replied 04 October 2018
Ankita Chachan
(practitioner)
(548 Points)
Replied 04 October 2018
No tax liability.. U can gift any amount to your sister
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