Cash gift and restriction on cash transaction

CA PIYUSH KAPOOR , Last updated: 08 May 2018  
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MEANING OF GIFT 56(2)(vii) is applicable only when gifts are received by Individual and HUF. Donor or Donee may be Resident or non Resident. As per the Income Tax Act, 1961, if the value of gifts received, is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the rec

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CA PIYUSH KAPOOR
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Category Income Tax   Report

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