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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
Replies (2)
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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