Gift by a grandson to his grandfather will be exempt or taxable...
Also gift from individual to spouse will be exempt or taxable
1. Both will be exempt under IT act.
2. But in second case, clubbing problem would arise.
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193915 Points)
Replied 24 March 2023
Yes, grandson is linear descendent to grandfather, so is RELATIVE u/s. 56(2)(x) of IT act.
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