Gift to relative
This query is : Resolved
21 August 2018
As per the rules, one cam gift to the relative any amount without any restriction.
Will sec 269ST limit of Rs. 200000/- will be applicable in this case??
Will sec 269ST limit of Rs. 200000/- will be applicable in this case??
22 August 2018
It should only be close relative as per IT rules to give unlimited amount .
22 August 2018
Sec. 269ST is not applicable for close relative gifts.
22 August 2018
It means we can gift any amount in cash to relatives
Relative definition would be as per sec 56(2).
Relative definition would be as per sec 56(2).
22 August 2018
yes , but dooner cash should be accountable for the source of gift income rather it should be a taxable amount of dooner only .
22 August 2018
Didnt get you. Please eleborate a little
22 August 2018
Example - If as a father ( close relative ) u r gifting 5 Lakhs to daughter or son (blood relation) then this 5 Lakh should be from father known source of Income which is already a tax paid amount in father's hand.
Means any gift amount cash / On-line bank tr./ Cheque etc given to close repalties shall be from known source of Income.
Means any gift amount cash / On-line bank tr./ Cheque etc given to close repalties shall be from known source of Income.
22 August 2018
Ok.. Thanks for your valuable feedback.
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