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Gift of sale proceeds of a capital asset received by a lady to her father in law
whether a irrevocable gift made by a daughter in law to her father in law will attract clubbing provisions mentioned in section 60 to 64 of the act?Also guide regarding tax implications , if any
Replies (3)
Clubbing provisions under sec 64(1) (vi) are attracted when an asset is transferred to daughter-in-law for inadequate consideration. Transfer by daughter-in-law to her parents-in-law does not attract clubbing provisions
Thank you sir
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