My name is Manasa. Im living in US with my husband.We want to gift some amount (around 2 lakhs) to my mother's brother (india) on completion of his 60th birthday (shastipoorthi in telugu).
Again I'm quoting the relation-gifting to my own mother's brother,not my husband's.
1)Is it taxable in the hands of recipient?
2)Is he comes under 'relatives' list as per the rules?
Please clarify.
1 Answers
Hi,
Yes, you can gift it to your maternal uncle and it would be treated as 'exempted income'. The mentioned relationship falls under the definition of 'Family' for taxation purposes.
1 - No.
2 - Yes.
You may go through below article :
Got a Gift? Find out, if it is Taxable or Tax-free?
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