Gift deduction
This query is : Resolved
24 November 2011
if grand father has gifted a property to a grand child can the person can claim exemption under any section
if so pls specify the section under which exemption can claimed?
if so pls specify the section under which exemption can claimed?
24 November 2011
Yes he can claim exemption as both are relatives.Refer Section 56(2)(vii)& 56(2)(vi)of IT Act.
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