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Section 56(2)(x)
Can marriage be used to convert black money into white using section 56?
Replies (1)
While the law technically exempts gifts received on the occasion of marriage, it does so to accommodate genuine gifts from friends and family. Using marriage as a pretext to launder unaccounted wealth is tax evasion. Tax authorities are equipped to look beyond the surface of a transaction, and failing to justify the source of funds can lead to severe legal and financial consequences.
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