With reference quote in Budget 2017-18 "Money, immovable property or specified movable property worth over 50k received as gift or for inadequate sum to be taxable" is there any changes in Gift Tax for gifts from Relatives ?
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Gift tax changes as per budget 2017-18
Replies (2)
No amendments in the gifts received from relatives.
But they have enlarged the scope of the section 56(2) by applying it to all assesses. Earlier it was only applicable to individual, huf, firm, company.
No amendment only coverage is large now
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