A Father received Gift of Rs.700000 in cash and Jewels worth Rs.1500000 from both relatives & friends on his daughter's Age Attending Function , How to treat under IT Act?.
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Urgent- Regarding GIFT
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GIFT IS TAXABLE U/S 56(2)(iv) IF THE AMOUNT OF GIFT EXCEEDS RS. 50,000/-
REFER PARA NO. 77.3 OF V. K. SINGHANIA'S DIRECT TAX READY RECKNOR
EXCEPTION: Money/Property received from a relative.
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