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Mariiage gifts after 8 years

Others 342 views 3 replies

Morning all, 

My client was married 8 years ago. During marriage he did not get any gifts. Now his relative wants to gift him 10 lakh. Can the client receive it in his HUF and show it as his marriage gift and get away from income tax and it's future incomes? 

 

Thanks

Replies (3)
No. can't show it now as marriage gift.
Recently circular from cbdt has enabled filing of returns updating till 2023.
If the relative gifting the sum of money is a specific relative for the purpose of sec 56(2), then the said gift is taxfree. If he is not a specified relative, then pls connect with me for advisory

Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai


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