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Will I have to pay taxes on gifts from my uncle, including a house, jewelry, and cash, worth Rs. 1 crore?

T S Khurana

T S Khurana   |402 Answers  |Ask -

Tax Expert - Answered on Oct 18, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Asked by Anonymous - Oct 17, 2024Hindi
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Sir, It assessess Gift from uncle residential property jewellery and cash approximate value rs 1 crores received Question: Above Gift transaction taxability for it purpose

Ans: Gift from Uncle in blood relations, is not subject to Income Tax.
Most welcome for any further clarifications. Thanks.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Dr Nagarajan Jsk

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NEET, Medical, Pharmacy Careers - Answered on Mar 16, 2025

Asked by Anonymous - Mar 13, 2025Hindi
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Career
I am a bsc graduate and in two months I will be 23 years old but mbbs is my dream and goal. I would like to purse it now and preparing for neet exam. Can you give you advice on this sir
Ans: ELIGIBILITY RELATED TO AGE:
Eligibility for appearing in NEET (UG), as per related Regulations of NMC
and DCI are as follows:-
5.1.1. He/she has completed 17 years of age at the time of admission or will
complete that age on or before 31 December of the year of his/her
admission to the first year of the Undergraduate Medical Course.
Accordingly, the lower age limit shall be as under:
For Candidates of General (UR)/General-EWS born on or
before
31.12.2008
For Candidates of SC/ST/OBCNCL/
PwBD/PwD Category
5.1.2. Upper age limit: As per Letter No. U-11022/2/2022-UGMEB,
dated 09 March 2022 received from National Medical
Commission (NMC), Under Graduate Medical Education Board
(UGMEB) regarding the upper age limit, there is no upper age
limit.

ELIGIBILITY RELATED TO COURSE:
CODE: 06
B.Sc. Examination of an Indian University provided that
he/she has passed the B.Sc. Examination with not less than
two of the subjects Physics, Chemistry, Biology (Botany,
Zoology)/Biotechnology and further that he/ she has passed
the earlier qualifying examination with Physics, Chemistry,
Biology, and English.

KINDLY NOTE: Based on the facts and guidelines surrounding NEET, I would like to offer the following comments.
There is no need to worry about the age limit because the NTA is not concerned about your upper age limit. However, your educational qualifications must match the requirements. You fall under the Code 6 category.

If you have completed your undergraduate degree in Science (which you didn’t mention, but I’m predicting), consider whether stating your BSc is worthwhile. Ultimately, your eligibility depends on matching your Higher Secondary Certificate (HSC) qualifications. If your HSC does not align with the requirements, you will not be eligible to appear for NEET. If you are eligible based on your HSC, then focus on your HSC score rather than Code 6.

Wishing you the best of luck!

POOCHO. LIFE CHANGE KARO!

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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