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tax liability on gifts ?

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(Querist)
20 December 2008 how will be calculate tax liability on gifts given to father in law above Rs.5000?
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srinivasan pooranalingam

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srinivasan pooranalingam (Expert)
22 December 2008
I think it is exempt from tax u/s. 56 (2) (v) of the IT Act, 1961
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