Beware! Gifts by Your Close Relatives Can be Taxable!


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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