31 March 2010
What are the provisions applicable when father gives any gift either in cash or in kind to his daughter? Is such a gift is taxable in the case of receipient? Is there any taxplanning for this? if it is taxable..what is the ceiling and relevant provisions?
31 March 2010
Yes I agree with Mr. Sanjay sec 56(2)clearly excludes Relatives from the taxability. The exeception to sec 56(2)Vi clearly excludes relatives. Relatives includes lineal ascendent or descendant of individual
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