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gift income
amount received by relative by way of gift..........need to be report in ITR?
Replies (7)
If gift value More than 50,000
in my opinion gift whether in cash or kind from relative is always exempt , however gift in cash from non relative is taxable if exceeds 50000
please refer exceptions to section 56(2)X of income tax act 1961 (amended)
one of the exception to section 56(2)X says
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