banner_ad

Cash gift

This query is : Resolved 
Profile Image

Profile Image

(Querist)
29 March 2018 Dear Sir,
An Assesse wants to take cash gift of Rs. 1,50,000.00 from his father and Rs. 1,50,000.00 from his mother. Please tell is it allowable as per IT Act or not, as it is told that cash gift upto Rs. 2,00,000.00 is allowable.My query is as the Assessee is taking the cash gift of Rs. 1.50 Lacs individually from his father and mother, so it is allowed or not.

Thanks,
Abhishek.
Profile Image

K Srinivas, CMA CS

Profile Image

K Srinivas, CMA CS (Expert)
29 March 2018 Gift from relatives is wholly exempt from tax irrespective of the amount
Profile Image

Abhishek Roy Choudhury

Profile Image

Abhishek Roy Choudhury (Querist)
29 March 2018 Dear Sir,
Thanks a lot for your reply at the earliest.

Thanks,
Abhishek.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details