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Taxability
If gift is received from relative(mother in law) & the amt of gift is Rs 30,00,000. Whether it is taxable in the hands of individual or not??
Replies (2)
gift from relative of any amount is exempt from tax. relative means a relative defined under income tax act. it includes mother in law. so in your case it is exempt from tax.
Prepare a gift deed duly stamped and registered because the amount is large.
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