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gift tax
by CH.RAVI KUMAR on Oct 11, 2006 09:20 PM

i got a prize worth of rs. 11,700/- from chermas,hyd. the company people demanded me to pay rs. 3580/- towards gift tax. as per my knowledge upto rs. 50,000/-is exempted from gift tax. please give me clarification.

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Look out. Gifts are taxed too