Gift received from grandfather
This query is : Resolved
14 October 2014
sir,
I received a gift amount of 1 lakh rupees from my grandfather now I want to know that the amount of gift is exempt or taxable.
14 October 2014
No tax...refer section 56 proviso
14 October 2014
Gifts received from relative is exempt u/s 56 of Income Tax Act.
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