Gift by a grandson to his grandfather will be exempt or taxable...
Also gift from individual to spouse will be exempt or taxable
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Gift deeds confusion
Replies (4)
1. Both will be exempt under IT act.
2. But in second case, clubbing problem would arise.
Refer sec 56(x)(2) exemptions
Sir grandson relative ki definition me aata h kya
Yes, grandson is linear descendent to grandfather, so is RELATIVE u/s. 56(2)(x) of IT act.
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