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Gift of 50000 cash from father

CA SONIYA AGARWAL (self practice) (3005 Points)

11 December 2013

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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17 Replies

(Guest)

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 .

1 Like

Shruthi (Article Assistent) (336 Points)
Replied 11 December 2013

Originally posted by : Anamikaa Shuklaa
	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 .

Not Taxable.

Mihir (Wealth Manager) (5293 Points)
Replied 11 December 2013

Yes, it is tax-free. Prepare a documentary proof of this gift.

RAJANIKANT MISHRA (SERVICE) (27 Points)
Replied 11 December 2013

Hello All, Please advise maximum how much amount is tax free in blood relation as a gift to individuals.

purshotam vohra (CA IPCC) (138 Points)
Replied 11 December 2013

@ rajnikant

There is no limit in respect of gift from relative :-D

abhishek (student) (23 Points)
Replied 11 December 2013

Gift amount received in cash should not exceed 50000 from a relative

purshotam vohra (CA IPCC) (138 Points)
Replied 11 December 2013

@ abhishek Brother there is no such limit in respect of relative

Mitul Mirani (Employed in CA Firm) (50 Points)
Replied 11 December 2013

What will be entry in books of father?

NARESH NAIDU (Student) (56 Points)
Replied 11 December 2013

In case of Gift was given by Others . I.e revenue reciept is taxable. Capital reciept is Not taxable. .

CMA Rashid (Partner) (51 Points)
Replied 11 December 2013

Not Taxable

Aamir (Article Assistant) (36 Points)
Replied 11 December 2013

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....