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taxable amount or not

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accounts executive
222 Points Posted on 20 October 2018
dear experts,
my grandfather sold his land and he given around 40lakh to my dad...but grandfather already file the return and he also shown this land amount in the return
my question is.. my dad received 40lakh is it taxable amount
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On 20 October 2018 at 19:39 Report
Replies (7)
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"Do the Right Thing...!!!"
128147 Points Posted on 20 October 2018
No... It's not taxable in Your Father if it's treated as Gift.
463 Reply
On 20 October 2018 at 19:45
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accounts executive
222 Points Posted on 20 October 2018
can u provide me in which section saying this?
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On 20 October 2018 at 19:46
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"Do the Right Thing...!!!"
128147 Points Posted on 20 October 2018
under Section 56 (2) of the Income Tax Act. Gifts received by an individual from his relative are tax-exempt. The word relative is defined under the Act
463 Reply
On 20 October 2018 at 19:50
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Student
3549 Points Posted on 20 October 2018
Yes agreed with Raja sir
15 Reply
On 20 October 2018 at 20:35
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a
1620 Points Posted on 20 October 2018
agree with raja ji
6 Reply
On 20 October 2018 at 21:10
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397 Points Posted on 20 October 2018
a proper documentation evidencing the transaction as gift without any consideration from father to son must b executed. a gift deed for such high value is preferable for future questioning.
1 Reply
On 20 October 2018 at 23:29
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Still studyig
56 Points Posted on 21 October 2018
co -operative society under section 80P
1 Reply
On 21 October 2018 at 23:11


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