If your maternal father gifts you something is it taxable
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gift
Replies (4)
yaar Gaurav,
maternal father is not covered in the definition of relative. so, taxable
ACCORDING TO MY KNOWLEDGE AND INCOME TAX ACT MATERNAL FATHER IS COVERED UNDER RELATIVE.. SO ITS NOT TAXABLE.. BUT A CASE OCCURS IS THE GIFT IS GIVEN BEFORE MARRIAGE OR AFTER..
Gift received from blood relatives will not be taxable. In other case gift will be taxable if its upper of Rs. 5000.
THANKS FOR CLARIFICATION
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