Respected Member
Please suggest me
Mr.x Received Gift Rs.350000 Through Chq
From Uncle
But Uncle Adopted Mr.x As a Son
So Gift is Taxable or Taxfree
Thank you in Advance..
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Replies (2)
In either case it is exempt as per sec. 56(2) of IT act..
It is exempted as there is blood relation and above all adoption will.
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