Taxation of gifts by an Individual/HUF

CMA Poornima Madhava , Last updated: 15 May 2015  
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As per section 56(2)(vii) of Income Tax Act, gifts received by an individual or a hindu undivided family in the form of money or property (without consideration or with inadequate consideration) is taxable as income under the head Income from Other Sources provided such income falls under five categ

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CMA Poornima Madhava
(CMA)
Category Income Tax   Report

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