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Gift Deed Tax

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(Querist)
11 May 2021 In Pune Maharashtra, can a Grand Daughter 24 years old GIFT DEED more than Rs 50000 (say around Rs 40L) from sale of Apartment she owned to her Grand Mother (Father's mother, age 72) ? Is entire amount tax free for Grand Mother ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
11 May 2021 Yes, it's tax free. Gift to relative exempt from tax.

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