Studyhatch Forum -Income Tax

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When are gifts exempt from tax?
Solution

monetary value of all gifts received don't add up to Rs.50,000. - Received from a relative - Received on occasion of marriage - Received by way of a will or inheritance - Received in contemplation of death of the payer - Received from Local Authority - Received from a fund, foundation, university, or other educational institution, hospitals, or any trust of institution defined in Section 10(23C) - Money Received from a charitable Institution registered under section 12AA

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