Gift in the form of land received from a relative.
Value of land is Rs.50 lakhs.
Whether the above gift is exempt from tax? Please clarify
1 Replies
Shruthi
(PCC Student)
(111 Points)
Replied 16 June 2011
Its undoubtedly not taxable.
Whenever Gifts covered under the meaning Gift from relative, no need to dig if it is in the way of money or non monetary form
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