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There are a few guidelines provided by revenue tax act 1961 for taxation on present no matter whether gift is taxable or not. For simplification I divided this rules in two head

If any immovable assets is obtained for just a insufficient thing to consider, (usually means thought is a lot less than stamp responsibility price of property) which stamp duty worth exceeding Rs.50, 000, the stamp duty worth of this kind of residence as Exceeds this sort of thing to consider might be chargeable.

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You'll need suitable price savings and other Maybe income sources to pay for your costs until you arrive at total retirement age at 67 and also your whole Social Safety profit kicks in to aid.

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