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gift from Bhatija to Chacha and vice versa
pl advise Gift from Bhatija to Chacha (uncle) and vice versa is taxable under income tax act
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Gift received by bhatija from chacha is tax-exempt; but not vice-versa.......
Gift received by Bhatija is exempted as they are relative u/s 56(2)(vii).
chacha cannot receive gift from bhatija. It will be taxable.
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