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Anand Bali Adv. (Advocate Solicitor & Consultant)     31 January 2022

Gift tax exemption under sec 56(2) of income tax

Is Gift of a immovable Property given to wife of Nephew by Uncle is covered under Exemption mentioned under Sec 56(2) of Income tax Tax in India?


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 1 Replies

Aryan Raj   31 January 2022

In response to your query,

Yes it is covered under section 52(2) of the Income tax act. According to this section gifts received from the following members of the family are not taxable:

– Spouse of Individual

– Brother & Sister of Individual

– Brother & Sister of Spouse of Individual

– Brother & Sister of either of the parents of Individual

– Any Lineal ascendants or descendants of the individual

– Any Lineal ascendants or descendants of the spouse of the individual.

Regards,

Aryan Raj 
 


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