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How To Treat Gift From Father

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03 July 2008 What will be my tax liability if i receive a gift from my father.

03 July 2008 Gift from a relative is exempted...the word RELATIVE includes FATHER

03 July 2008 As per Sec-56 clause (vi)of Income Tax Act,1961 any amount of sum received without consideration from the relatives upto Rs. 50,000 is exempt from tax and relatives include Father also.






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