Cash gift

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In the UK, cash transactions are limited to £200,000 per day. Gifts given to relatives are generally tax-free. However, gifts to non-relatives are tax-free up to £50,000 per financial year. Any amount exceeding this threshold is considered taxable income for the recipient.

NIKHIL NARANBHAI VAGHASIYA

NIKHIL NARANBHAI VAGHASIYA (Querist)
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30 July 2020 how many amount we can pay in cash tax fee

CA Ankith Jain

CA Ankith Jain (Expert)
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30 July 2020 The cash transactions per day limit is Rs.2,00,000. If the gift is to the relative, it is tax free. And if the gift is to the person other than relative, then upto Rs.50,000 not tax. Over and above 50k, it is taxable.

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Aashok Kumar Sharma

Aashok Kumar Sharma

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09 August 2020 Gift of money: Aggregate value of cash gifts received without consideration during a financial year (FY) would be taxable as other income in the hands of the recipient. However, if the aggregate value of such gifts is less than Rs 50,000, then it would be exempt from tax.

https://cleartax.in/s/how-are-gifts-taxed
https://www.charteredclub.com/gift-tax/

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