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Gift

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(Querist)
23 March 2015 is it necessary to take or give a cash gift u/s 56 (2) by account payee cheque which is more than Rs 20000 as provided in income tax act u/s 40A(3)(a).
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
23 March 2015 if it is gifted to relative then whether in cash or otherwise is exempted
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