Cash from mom to son
This query is : Resolved
27 April 2016
respected expert sir,a mom wants to give money to her son for purchase of house from a govt body.what are the limitations if any.income tax formality,if any .pl advise.
RKARORA
RKARORA
Amol S Joglekar
(Expert)
27 April 2016
She can always helkp her son in doing so. No any issues. If at all she wants to give it in cash, let the amount be restricted to 20000
CA R SEETHARAMAN
(Expert)
27 April 2016
Mr. Amol S Joglekar is there any limit for cash gift to relatives.
Amol S Joglekar
(Expert)
27 April 2016
No. There is no any limit for CASH gift. Such transactions are reported by auditor where payment in excess of 20,000....etc etc.
For gift, per se, there is no any limit of cash.
For gift, per se, there is no any limit of cash.
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