Non-relatives

Step-brother and step-sister, nephew and niece, and cousins — expressly excluded from the definition of relative for this provision, so gifts from them count towards the Rs 50,000 aggregate.

This one is not written up yet

The definition above is the short version. A full explanation — how it works, a worked example and the exam traps — is still being written. In the meantime the chapter below covers it in context.

Written up from the same chapter

Dividend Distribution TaxThe tax a mutual fund scheme itself deducted before paying a dividend, abolished from April 2020 — since when the payout has instead been taxed in the investor's own hands at their slab rate.

Where this is taught

Series X-B · Chapter 9: Income from Other Sources

Free preparation for NISM Series X-B

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