Gift to father-IT Rule
This query is : Resolved
Quick Summary
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.
-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.
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.
No tax payable in your case you can gift more to your father.
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01 April 2022
Thanks for reply sir
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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