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Gift to father-IT Rule

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(Querist)
01 April 2022 Respected madam/sir...

-Any gift amount above Rs.50k p.a is taxable. Is this rule applicable if a son is gifting to his father

- My father (senior citizen) is a retired employee with less than Rs.15k pension p.a. I'm gifting Rs.2.5L p.a for his expenses.how much more can I gift him p.a in order to aviod my father getting taxed.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
01 April 2022 Gift to relative exempt from tax no limits.
No tax payable in your case you can gift more to your father.
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talabathula lakshmichalam

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talabathula lakshmichalam (Querist)
01 April 2022 Thanks for reply sir
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CA Puja Sharma

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CA Puja Sharma (Expert)
01 April 2022 No, tax is applicable when you are making any gift to your relatives defined under the Income Tax Act, 1961.
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