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Accounts and Income Tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 February 2011 What will be the accounting treatment of GIFT received from relative (father in law)of Rs 200000?
please give the general entry and tax treatment of them if received in cash.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
10 February 2011 cash to gift recd

This will be exempt but will be subject to clubbing provisions.

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