Gift
This query is : Resolved
18 April 2012
During the year 11-12 my client has received Rs 7.00 lakhs as a gift from his father-in-law and purchased a house property. Can he receive this amount as gift from his father-in-law!
18 April 2012
Yes, he can receive. Gifts in relation to immovable property exceeding 50,000 from relatives or other taxable.
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