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Gift received in cash f.y. 12-13

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(Querist)
30 September 2013
i received gift from father rs 800000 in cash how to tax liability calculation?
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
30 September 2013 Gift received from specified relatives U/S 56{2}VII are exempt from tax whether in cash or in Kind and there is no upper limit..

Father is covered under the purview of relative,
Hence, no tax on such gift...

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