Taxation of gifts

This query is : Resolved

Abhishek Roy Choudhury (Querist)
Follow

01 April 2017 Dear Sir,
An Assesse has made monetary gift by cash of Rs. 8.00 Lacs to his son. Whether gift by cash is eligible under Income Tax Act.

Thanks,
Abhishek.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

01 April 2017 Such gift made before April 2017 eligible under Income tax. The limit is reduced to 2 lacs in the budget amendment.

Message likes : 1 times

Abhishek Roy Choudhury

Abhishek Roy Choudhury (Querist)
Follow

02 April 2017 Dear Sir,
Thanks very much for your reply. One thing I want to know as you said the limit of cash gift has been reduced to Rs. 2.00 Lacs from April'2017. So please tell what was the previous limit i.e. before April'2017 for cash gift.

Thanks,
Abhishek.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

03 April 2017 No limits...........................

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now