HARD CASH GIFT
This query is : Resolved
Quick Summary
02 August 2020
HOW MUCH AMOUNT IS EXEMPTED FOR GIFTING HARD CASH TO HUSBAND AND FROM SON TO FATHER IN INDIA
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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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?
do I prepare any gift deed documents?
03 August 2020
It is better to keep proper documentation.
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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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=
09 August 2020
https://taxguru.in/income-tax/tax-gifts-india.html
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