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Eligible for tax free gift?

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(Querist)
03 December 2013 Respected all,
Mrs.Vani is an individual assessee. Her husband's mother wants to give a house site to Mrs Vani as a gift. Is it taxable gift?
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Ravinder Singhal

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Ravinder Singhal (Expert)
03 December 2013 no this is not taxable.it will treated as tax free income under section 56(2) (vii) of it act 1961

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