Gift
Section 56(2)(vii) : Adopted Son not Lineal Descendant
Section 56(2)(vii) of Income Tax Act now clearly provides law relating to taxation of gifts received in cash or kind by an…
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Gift
Gift is not defined under Income Tax Act . But a clear provision under section 56(2) has been provided by which gifts received from blood relations and trusts and certain institution are made tax free.
