Cash from mom to son

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R K ARORA (Querist)
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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

Amol S Joglekar

Amol S Joglekar (Expert)
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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

CA R SEETHARAMAN (Expert)
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27 April 2016 Mr. Amol S Joglekar is there any limit for cash gift to relatives.

Amol S Joglekar

Amol S Joglekar (Expert)
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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.

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