Receiving Gift indeed brings a cheerful smile on the face of the receiver, but if receiver gets to know that he has to pay tax thereon, the smiling face may turn sad.
Although Gift Tax Act has been abolished, however there are certain provisions in the Income Tax Act, which make the gift taxable in the hands of the recipient.
Today we are sharing with you certain circumstances as to how gift will be taxable as per section 56(2)(X).
Read on me: https://taxguru.in/income-tax/income-tax-gifts-exemptions-computation.html
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