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HARD CASH GIFT

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(Querist)
02 August 2020 HOW MUCH AMOUNT IS EXEMPTED FOR GIFTING HARD CASH TO HUSBAND AND FROM SON TO FATHER IN INDIA
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CA KARAN SINGH

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CA KARAN SINGH (Expert)
02 August 2020 Full Amount. No Tax on the gift to a relative by virtue of proviso to Sec 56(2)(x) of Income Tax Act.
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sundeep

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sundeep (Querist)
03 August 2020 I got a reply that 2 lakhs is max and penalty for the full amount if>2,00,000/-.
do I prepare any gift deed documents?
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CA KARAN SINGH

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CA KARAN SINGH (Expert)
03 August 2020 It is better to keep proper documentation.
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CA PARTH SHAH

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CA PARTH SHAH (Expert)
04 August 2020 Although the gift from Spouse & Son is not taxable, receipt of cash gift of Rs 2 lakhs or more is prohibited under section 269ST.
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
09 August 2020 https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
09 August 2020 https://taxguru.in/income-tax/tax-gifts-india.html
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