Taxation of gifts
This query is : Resolved
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.
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.
01 April 2017
Such gift made before April 2017 eligible under Income tax. The limit is reduced to 2 lacs in the budget amendment.
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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.
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.
03 April 2017
No limits...........................
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