Gift money
This query is : Resolved
16 August 2020
How much maximum gift money i can received from father who is not not taxable?
16 August 2020
There is no limit in receiving a gift from the father. But always keep in mind
1. The gift received in cash should be less than Rs. 2,00,000. Otherwise, the receiver has to pay a penalty.
2. If the father's income is not taxable, then the gift should be from a genuine sources.
1. The gift received in cash should be less than Rs. 2,00,000. Otherwise, the receiver has to pay a penalty.
2. If the father's income is not taxable, then the gift should be from a genuine sources.
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