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Parents cash gift by cheque

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Heena mangtani

Heena mangtani (Chartered Accountant) (272 Points)
Replied 19 October 2015

Yes 50000 limit is not applicable on gift from relatives


CMA Vivek Jaiswal

CMA Vivek Jaiswal (Teaching ) (40 Points)
Replied 19 October 2015

50000 limit will not be considered, when gift received from relatives, its truly treated as a gift in the hands of his wife. AGRO INCOME will be shown in the hands of his father in law.

Ramanuj

Ramanuj (Accountant.) (834 Points)
Replied 19 October 2015

Dear all

Gifts received from specified relatives are exempt from Income Tax, and there is no upper limit also.

Father is included in the definition of relative, therefore amount received from him would be tax free.

Gifts received from specified relatives are exempt from Income Tax, and there is no upper limit also.

Father is included in the definition of relative, therefore amount received from him would be tax free.

 

Thanks & regards

Ramanj

 

 

 


CA ARUN AGRAWAL

CA ARUN AGRAWAL (AUDIT MANAGER) (59 Points)
Replied 21 October 2015

Yes in gift from relative case Rs 50000,limit is not applicable


(Guest)
Yes. From relatives no limit.... Others 50K limit




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