Gift received or given to relatives. How income tax is calculated?1 min read 20 Jan 2023, 10:55 AM IST
Gifts received from some specified relatives like parents and children are not treated as income of the recipient but…
Can a gift be given any number of times in the financial year or it should be given only once? Am I required to have any documentation done for the gift if I am giving it to my parents? Can I claim any deduction for such gifts made to my parents? My parents do not have PAN as they do not have any income.
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