Tax implication on transfer of money from parent to daughter
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In India we express our love and affection through gifts. Brothers gift sisters on Raksha Bandhan. Parents gift their children on every occasion, especially during marriage. Grandchildren are the recipients of loads of gifts from grandparents. We often hear of cars being gifted and homes being given to family members.
But do these gifts turn taxable after a limit? Do your elders need to pay income tax on gifts before presenting them?
But do these gifts turn taxable after a limit? Do your elders need to pay income tax on gifts before presenting them?
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