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Gift received from Grand father to Grandsons

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Dear Sir, Grandfather gift to his Grandsons of Rs. 50 Lacs. Grandsons have liability to pay income tax on these gift received ? and any limits
Replies (6)
No... The said gift exempted as per income tax act.
Now if the gift includes capital asset. Still it is not transferable.
Originally posted by : sabyasachi mukherjee
Now if the gift includes capital asset. Still it is not transferable.

What a great reply 😃😃😃

Keep it Up Sir...

Raja sir, do grandfather fall under the definition of relative as per section 56 ?
Originally posted by : Ashwin Kumar
Raja sir, do grandfather fall under the definition of relative as per section 56 ?

Yes Dear...

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