Tax on gift (cash) to relative or cash loan
This query is : Resolved
24 June 2016
Good morning everyone,
my query is
what are the consequences under income tax act if a father gives cash of Rs. 10 lacs to his major son as gift or as unsecured loan?
24 June 2016
No tax payable on gift in cash of Rs. 10 lacs by father. Loan can't be given in cash exceeding Rs. 20,000.
24 June 2016
for gift there is no limit but for safer side you have to give gift through banking system.
and for loan you have to follow us/ 269SS and 269T under this you cannot make/take/repaid exceeds Rs. 20000/- in a year.
and for loan you have to follow us/ 269SS and 269T under this you cannot make/take/repaid exceeds Rs. 20000/- in a year.
25 June 2016
but in India, generally a father gives loan or gift in cash to his children for starting any business or for purchasing any vehicle. So in that case or else anywhere is there any relief?
25 June 2016
Gift can be given in cash, loan has to be given through cheque only. Treat all payment from father as gift. Repayment of money from son treat it as gift from son.
25 June 2016
Yes it can be in a plain paper.
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