Beware! Gifts by Your Close Relatives Can be Taxable!

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While it is widely known that the gifts receipt by individuals are tax free u/s 56(2)(vii) if it is received from relatives . The relatives have also been defined (explained) in section 56(2) ¬†itself ¬†.Please also note that the term relative is also defined conservatively under section 2(41) of the Income Tax Act. However the…

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