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Gift given to son
Can a sole proprietor gift his business asset to his son ? will it be taxable under income tax act?
Replies (3)
Quick Summary
There is no distinction given in the act regarding the type of gift. If we go by literal interpretation, gift given to relatives shall be exempt and son comes under the purview of relative. and therefore, the same shall be outside the ambit of tax.
Thank you sir
Thank you sir
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