Gift under 56(2) of i.t.act
This query is : Resolved
18 April 2014
Whether a valid Gift of Rs.3,00,000/- by way of Cheque can be made by elder Brother to the younger Brother's Wife & the same can be exempted from tax by virtue of proviso to said section of I.T.Act i.e. covered under relative term or not.
18 April 2014
Yes it falls under relatives category hence fully exempted from tax.
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