Whether a cash gift of Rs 500000/- made by father to his daughter who recently married before 6 months is exempt u/s 56 of I.T.Act as defined the expression of relative or not.
31 March 2010
No not Taxable as Relative includes lineal ascendent and lineal descendent, so even married daughter is also a lineal descendent. Sec56(V) also provides that any cash received by a individual at the time of marriage is not taxable
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