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Tax on gift of shares to relative

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(Querist)
01 October 2016 Dear all,
if a person receives gift (Shares of a Pvt. Ltd. Co.) from his Uncle/aunt what will be tax effect? whether it is exempt u/s 56 or not and is there any clubbing provision u/s 64
Please suggest
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
02 October 2016 It is exempt as gift from relatives and no clubbing provisions applicable

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