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Gift deduction

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(Querist)
24 November 2011 if grand father has gifted a property to a grand child can the person can claim exemption under any section
if so pls specify the section under which exemption can claimed?
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CA RICHA BADALIA

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CA RICHA BADALIA (Expert)
24 November 2011 Yes he can claim exemption as both are relatives.Refer Section 56(2)(vii)& 56(2)(vi)of IT Act.
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