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Gift tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 September 2013 Does a gift of Rs. 500000/- given to relative reflects in B.S. if so, how to do ? Is it taxable ?
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CA Simarpreet Singh Gulati

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CA Simarpreet Singh Gulati (Expert)
17 September 2013 Gift to relatives is exempt from tax. The same shall be debited to the donor's capital account in the balance sheet i.e. reduction from capital account.

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