Gift from a relative

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Ankit Bubna

Ankit Bubna (Querist)
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07 November 2013 Can i take a gift from my niece of Rs. 15 Lacs?

CA JATIN TALREJA

CA JATIN TALREJA (Expert)
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13 November 2013 Dear Ankit
Gifts in excess of Rs.50000 are subject to tax as per sec 56(2), but neice is not covered meaning of 'relative' .Hence no tax liabilty will arise.

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Gift from a relative

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