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Taxation of gifts
Are gifts(cash or kind) from 1/10/2009 taxable for all persons whether received from relative(father or son etc.) or non- relatives(friends or strangers)?
Replies (4)
Gifts received from relatives are exempt from income tax.
all types of gifts from relatives? exempt
Yes, No monetary limit, but relative should cover under definition of relatives given in act for gift purpose.
thank you sir..this app is so helpful for query
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