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Clubbing provision
husbend give 10 lakhs gift to wife .who pay the tax on 10lakhs .
Replies (2)
Under section 56(2) of the Income tax act 1961 ,Gift received form relative is not taxable in hands of recipient .Also prepare Gift Deed .
please confirm with others also .
Nobody (neither husband nor wife) has to pay any tax on Rs 10 lakhs as it is exempt.
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