one of my client said he will show as gift received from father every year a cash of Rs.50000/- , what tax consequences will he face and the precedure by which he can accept such gift.
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Gift of 50000 cash from father
Replies (17)
| Originally posted by : Anamikaa Shuklaa | ||
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Father is relative in terms of INCOME TAX ACT 1961 and any amount recived as a gift from relative is not taxable , hence amount recived from father is not taxable . |
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Not Taxable.
Yes, it is tax-free. Prepare a documentary proof of this gift.
Hello All,
Please advise maximum how much amount is tax free in blood relation as a gift to individuals.
@ rajnikant
There is no limit in respect of gift from relative :-D
Gift amount received in cash should not exceed 50000 from a relative
@ abhishek
Brother there is no such limit in respect of relative
What will be entry in books of father?
In case of Gift was given by Others . I.e revenue reciept is taxable. Capital reciept is Not taxable. .
Not Taxable
No Limit for gift from Relative
But, always prepare a gift deed in stamp paper...
And advisable to transfer gift in excess of Rs.50000 via cross cheque ti avoid litigation....
Clubbing provisions will apply
Entry is
cash or bank or asset a/c dr
to capital a/c
Always,take gift by cheque from your relatives or any other person.One can not take cash more than Rs.20,000 in a year.
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