one of my director wish to give cheque Rs 1 crore to brothers daughter and as well as 1 crore to sisters daughter as a gift.
my qtn whether it is exempted in the hands of donor as well as donee.pl give if possible under section is allowed or disallowed
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Gift to brothers daughter and susters daughters
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This will be treated as a GIFT. The transaction shall be out of the ambit of taxation in the hands of the DONOR while the DONEE shall have to pay tax on such amount received under section 56(2)(vii).
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