Gift to a sister
This query is : Resolved
28 October 2014
A person wants to gift a sum of Rs. 600000/- through Cheque to his sister. Whether this gift is exempetd in I tax or any other lawa or it will be taxable in I tax or any other law.? Plz provide me detailed clarification with relevant provisions.
28 October 2014
as per provisions of income tax gift from relatives is exempted from income tax. Being gift through cheque no other tax is applicable.
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