Gift tax
This query is : Resolved
09 September 2014
sir
I am planning to purchase a new car for Rs. 8 lakh and my father in law is gifting me 5 lakh rupees for purchasing car and rest will be paid from my savings.
I want to know the tax liability and procedure to be followed to avoid gift tax.
regards
Sandeep
09 September 2014
Dear Sandeep,
Execute gift deed.
Execute gift deed.
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