Is there any limit Under Income Tax Law to receive a GIFT From Relative (Mother), In one of my client's A/c His mom deposited a CASH Of RS. 1,50,000/- in 1 single day at 1 time.
Now, This amount is in nature of GIFT FROM MOTHER, I WANTS TO KNOW...IS THERE ANY LIMITATION OF AMOUNT TO RECEIVE A GIFT FROM RELATIVE ???
Please try to reply with a exact notification/circular/rule/section no. please....... or u can also share ur opinions..plz...
04 April 2012
As per 2nd proviso to section 56(2)(vii), there is no cap for gift received from relatives as defined in the explanation to section 56(2)(vi).
04 April 2012
Thank you for giving ur valuable time & reply!!! I have the printout of this section... Before putting a question i read this section but was confused... Now coz of ur answer...I read further carefully.... & got my answer.. thanks a lot..... !!!!!!!
CAclubindia
