Gift to son or brother

This query is : Resolved 
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(Querist)
12 January 2014 Dear sir / madam

kindly advise is there any limit on gift ??

any tax needs to pay on gift ??

regards
patel
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
12 January 2014 no limit for transfers within family...refer section 56 of the Income tax act 1961.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
25 January 2014 there is no limit in case of tranfer or gift to relatives under section 56(2).
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