Close relatives' gifts and rights surrender exempt from Section 56(2) of the Income Tax Act.

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....Additions u/s 56 - The gifts received from the close relatives u/s 56(2)(v) are outside the scope of 56(2). - The surrender of the rights of the close relatives in favour of the another close relative is covered for exemption u/s 56(2)(vii)(c) of the Act.....