Number Pages In Legal Kentucky Gifts Forms For Free

JUL 17TH, 2023
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Top Questions and Answers

Monetary Gift: Suppose a father gifts his daughter ?80,000 in cash. As per the Income Tax Act, gifts up to ?50,000 in a financial year are exempt from tax. So, only the amount exceeding ?50,000, which is ?30,000 in this case, would be added to the daughter's income and taxed ingly.

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