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Gold jewellery gift
My grandmother gifted gold jewellery to my wife in our marriage. Now my wife gifted some part of that jewellery to my sister. So now what is the tax liability of my wife on the gold gifted to my sister.
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The jewellery gifted by your wife to your sister shall not be taxable as your sister covers under the definition of 'relative' as defined in section 56(2) of the Act.
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