Can i gift money to my father.What is the tax free limit of gift to my father?
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Income tax gift exemption
Replies (10)
the limit of cash gift is Rs 50000 in one fiancial year u/s 56(2) of income tax act,1962.
You can give gift to your father. There is no limit on this. When the gift is given to any Non-Relative, limit of INR 50000 apply.
U can give gift cash to father for only in some specified fuction only.
Gift to father in any situation is exempt fully.
if u know ,y u raise question .do u want 2 test here...
Section 56(2)(vii) of the income tax act is not attracted where an individual receives money (cash gift) from any relative. The term relative includes father. So you can gift any amount to your father without attracting any tax.
HaHa cant stop laughing on this post.....
once again HaHa......
Wheterh lineal ascendant or descendant covers son/daughter also????
agree with vineet..
there is no limit for taxability in the case of gift to relative.... it's already exempt....
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