Gift tax
This query is : Resolved
20 August 2012
Sir,
I would like to know whether gift given by son to father in cash is covered under Gift Tax, & if taxable what is the exemption limit.
Thanks & regards
P Dandekar
I would like to know whether gift given by son to father in cash is covered under Gift Tax, & if taxable what is the exemption limit.
Thanks & regards
P Dandekar
20 August 2012
Gift tax is no more in force. In your case, you are covered under section 56 of IT Act itself. The transaction is not taxable.
20 August 2012
Dear Gift Given by son to father will not be taxable under I.T Act
07 October 2021
Gift received by father from son (relative u/s.56(2) of IT act) is tax exempt, without any limit.
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