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tax-gift-to-relative

below is as per section 56 of income tax act as amended as per budget 2012
1. if you gift sum of money to "relatives" , then it is not taxable in recepient's hands.
2. if you give sum of money to non-relaties, the recepient will be taxed over rS.50000.
3. if member gifts to huf a sum of money ,no tax.


regards, mr.kunjan shah
www.canaresh.com 
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