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sanjay (Querist)
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08 April 2012 Hai! All CA'S & Experts
I want to know about two points mentioned below:
1. My wife has received a gift of Rs 150000/- from my father. is it taxable or not? The gift deed is necessary to maintain.
2. Is any limit of gift receiving from relatives?
3. What do you mean by relative kindly explain in detail?
4. Can I give gift to my mother or father. is it feasible under Income tax.
It is urgent. Kindly reply soon.
Regards
Sanjay
Kindly tell about full points. It is not clear.
Regards
Sanjay

CA Prashant Gupta

CA Prashant Gupta (Expert)
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08 April 2012 Limit is for cash gift of Rs. 50,000/-.

No ceiling on gift received on occasion of marriage or birthday.

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