Taxability of gift given by grandfather to grandson
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 February 2014
IS gift given by grandfather to grandson taxable?
10 February 2014
no it is not taxable in the hands of the grand son..
14 February 2014
since grandson is covered by def of relative it is exempted from taxability u/s 56(2).
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