One of my friend received cash Rs. 6 Lakhs from relative for personal use "under will" what is consequence in taxation ??? Impact on ITR for both person. i.e. payer & receiver.
03 August 2015
Hi Dipesh, if relative comes under definition of relative given under section 56(2)(vii) then such amount will not liable for tax. Otherwise your friend require to pay taxes on such amount
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