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Gift ---Is it taxable???

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(Querist)
25 July 2023
Dear Sir/ Madam,
Is Cash gift given by son to father ,taxable under Income Tax Act 1961.
How much is the maximum cash amount that can be given as gift to relatives
without any tax liability .??

Regards
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
25 July 2023 Cash gift to relative is allowed upto Rs 1,99,999.
No limit in case of bank transfer.

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