Limit for gift in cash from close relative
This query is : Resolved
Anup Kansal
(Querist)
08 September 2013
My father and me both are assessed to income tax. My father had accumulated cash from his salary, Two lacs. Can he gift the same to me in cash? what is the limit for giving cash in gift to close relative in india.
CA Pallav Singhania
(Expert)
08 September 2013
Gifts received from specified relatives are exempt from Income Tax, and there is no upper limit also.
Father is included in the definition of relative, therefore amount received from him would be tax free.
A relative can be any of the following:
Spouse of the individual
Brother or sister of the individual,
spouse or of either parent
Lineal ascendants or descendants of
individual or of spouse
Spouse of person referred to in scenario 2 and 3 above
Father is included in the definition of relative, therefore amount received from him would be tax free.
A relative can be any of the following:
Spouse of the individual
Brother or sister of the individual,
spouse or of either parent
Lineal ascendants or descendants of
individual or of spouse
Spouse of person referred to in scenario 2 and 3 above
Anup Kansal
(Querist)
08 September 2013
Thanks for the reply. My query is about the limit for taking gift in cash?
CA Pallav Singhania
(Expert)
08 September 2013
Whether in cash or in kind, gift from relatives totally exempt...
However, relatives must the in purview as defined as above...
However, relatives must the in purview as defined as above...
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