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Income Tax - Frequently Asked Questions (FAQs) |
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FAQs on Gifts received by an individual or HUF |
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Apart from marriage are there any other occasions in which monetary gift received by an individual will not be charged to tax? |
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Ans. Gift received only on the occasion of marriage of the individual is not charged to tax. Apart from marriage there is no other occasion in which gift received by an individual is not charged to tax. Hence, gift received on occasions like birthday, anniversary, etc. will be charged to tax. |
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