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Whether money can be gifted
Sir, whether father can give money(both cash and bank) as a gift to his wife and son, if so, relevant sections and rules of the Income Tax Act.
Replies (4)
Yes he can give a gift in the mode of cash or bank transfer to his son & wife & the most important no any tax for that ...............
Exceptions of Sec 56 (x) (2).
Sir. if for Rs. 1,00,00,000 ( in money ie through bank) gift deed is made, what could be the stamp duty for registering such gift deed.
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