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Clear AllThe person who gives the gift can never claim any income tax deduction or exemption from his/her income
My annual income is 12 lakhs. I am aware that gifting money to the parents & parents in law doesn't have any tax implication. However, am I liable to pay a tax for the income generated from the gifted money? Will clubbing provision be applicable in this method?
-Kumar
This article was originally published on April 04, 2017.
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