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RE:gift tax
by Anand Mokashi on Apr 30, 2007 01:54 PM

suppose MR A 's income is 15 lakhs from his business and he gives rs 5 lkahs each as gift to his married daughter and son
so can MR A's taxable income gets reduced to rs 5 lakhs ?

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The above message is part of the Discussion Board:
All these incomes are tax-free