gift from parents
This query is : Resolved
Harpreet Kaur
(Querist)
06 January 2010
dear sirs,
could you clearify that how much a person got as gift in cash form from his parents & under what section this is tax free . is there any limit to get gift.
could you clearify that how much a person got as gift in cash form from his parents & under what section this is tax free . is there any limit to get gift.
CA Tilak Raj Sharma
(Expert)
06 January 2010
Section 56(2)(vii). Gift from relatives are exempt.
06 January 2010
agree
Bimal Thacker
(Expert)
06 January 2010
Any amount can be taken in cash or in cheque or other mode from father. In scrutiny you should be able to justify that your father is capable to giving such gift in cash.
CA Ravi Sisodia
(Expert)
06 January 2010
Agree
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