Hi,can i recieve 1,00,000/- cash as gift from my father in a single day.
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Cash as gift in a single day
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Cash gift received from father[ I.e, RELATIVE u/s 56(2)(vii)] exempt from tax.
| Originally posted by : Sandip Sadhukhan | ||
 |
Cash gift received from father[ I.e, RELATIVE u/s 56(2)(vii)] exempt from tax. |  |
can i recieve 1,00,000/- gift from father by cash not cheque in a single day
Yes you can receive it..
Receipts from father as a gift is exempt from tax..
Gift received from relatives is exempted from tax whatever the kind may be i.e. cash or cheque or property...
Gift received from relative is exempt fromfrom tax wt ever the kind nay be
any gift that you receive from relative is exempt, no limits
yes you can receive gift in cash from father
As per sec 56(2)(vii), receipts from relatives are not taxable. Father is covered under the definition of relative.so it is not taxable
As per INCOME TAX ACT, gift from RELATIVE is exempt under it.
Since, father is covered under relative.
GIFT in :ANY FORM whether CASH OR CHEQUE
is exempt under it.
WHETHER IN SINGLE DAY OR DURING THE FINANCIAL YEAR as well.
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