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my friend received Gift (house) in September 2020 from grand mother it taxable or exempted
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INCOM TAX
Replies (4)
Quick Summary
Since you have received the gift from a specified relative (i.e. your grandmother), the transfer of this property would not attract tax. It would be advisable for you to document the gift in a legal document viz. a gift deed and place it in your records.
Gift settlement deed register
How to tax amount received for waive of tendency right and how to calculate cost of acquisition in tendency right
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