Under the India Income-tax, the income tax is levied on any sum of money, movable property or immovable property received in excess of ₹50,000 by an individual without consideration (i.e., without a quid pro quo) or for inadequate consideration, except gifts received from a 'relative' or on marriage or by way of inheritance or other specified exclusions
Under the India Income-tax, the income tax is levied on any sum of money, movable property or immovable property received in excess of ₹50,000 by an individual without consideration (i.e., without a quid pro quo) or for inadequate consideration, except gifts received from a 'relative' or on marriage or by way of inheritance or other specified exclusions
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