Hi,can i recieve 1,00,000/- cash as gift from my father in a single day.
Sandip Sadhukhan
(Student)
(40 Points)
Replied 05 July 2015
suman
(job)
(48 Points)
Replied 05 July 2015
| Originally posted by : Sandip Sadhukhan | ||
 |
Cash gift received from father[ I.e, RELATIVE u/s 56(2)(vii)] exempt from tax. |  |
can i recieve 1,00,000/- gift from father by cash not cheque in a single day
Jaspal Singh
(Practising CA)
(321 Points)
Replied 05 July 2015
Trilochan mohapatra
(----)
(249 Points)
Replied 05 July 2015
sankar
(student)
(48 Points)
Replied 05 July 2015
Nihar Ranjan Rout
(CA Final & CS Final)
(577 Points)
Replied 05 July 2015
any gift that you receive from relative is exempt, no limits
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 06 July 2015
yes you can receive gift in cash from father
Harinadh
(EMPLOYEE)
(46 Points)
Replied 06 July 2015
Ramesh
(Student)
(90 Points)
Replied 18 December 2015
As per INCOME TAX ACT, gift from RELATIVE is exempt under it.
Since, father is covered under relative.
GIFT in :ANY FORM whether CASH OR CHEQUE
is exempt under it.
WHETHER IN SINGLE DAY OR DURING THE FINANCIAL YEAR as well.
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