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.
Yes, grandson is linear descendent to grandfather, so is RELATIVE u/s. 56(2)(x) of IT act.
Naveen Fintech Pvt Ltd
Kolkata
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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