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Three More Days Before Your Gifts Get Taxed As Income!

Purchases Below Fair Market Value Also Trapped In Tax Net From 1st October’09 If your friend had promised you to gift a diamond studded gold watch worth Rs.3 lakhs, encash that promise in three days. Delay may cost you dear, since the receipt of this gift after 30th September, 2009 will be treated as your taxable income, attracting a straight income-tax of Rs.92,700, if you fall in the top tax-bracket of 30.9%....

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