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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- NON- SUBMISSION OF LLP FORM 3
- Last year TDS Claim
- Regarding IMS Mandatory from 1st July 2026
- Free lancer income
- What is provisional receipt number for generation of form 16A
- BIS Certificates
- RNOR Status but Investments more than Income
- Scrutiny assessments u/s 143(2) for AY 25-26
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
