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what is the tax provisions on cash or bank deposit
by grandparents to a granddaughter she is a 22yrs old student?
Replies (4)
No taxability for any justifiable amount., subject to cash deposits for amount 2 lakhs or more.
Better to transfer by banking mode, with gift deed, if possible.
This will be treated as Gift under section 56. No tax implication for monetary gift given to relatives, be it any limit.
it is covered under the definition of gift and is exempted if the same is offered as income by grandparents
this is as per my knowledge
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