Meaning of Relative : List of 44 Relatives Who Can Give Tax Free Gifts to You !

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Meaning of relative is very important to examine whether the gift receipt in hand of an individual is taxable or tax free. Section 56(2)of the Income Tax Act ┬áprovides that if any gift , whether in cash or in kind in excess of Rs 50,000 is received by an individual and HUF from any person…

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