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Gift tax
My father have gifed me Rs 200000.
as I am covered under the definition of relative I m not being taxed.
but, whether any exemption available to my father to reduce his tax liability by way of this gift?
Replies (2)
No, not possible. Income shud be assessed to tax either in the hands of one of them. So, it is still remain as taxable in his hands.
If that the case, his entire earnings could be shown as gift to relative to avoid entire tax na. So, not possible in the payer's hand.
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