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Gift of 50000 cash from father

Tax planning 1649 views 17 replies

CA SONIYA AGARWAL

self practice

3005 Points Posted on 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.

Replies (17)

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 .

Shruthi

Article Assistent

336 Points Posted on 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 Posted on 11 December 2013

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

RAJANIKANT MISHRA

SERVICE

27 Points Posted on 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 Posted on 11 December 2013

@ rajnikant

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

abhishek

student

23 Points Posted on 11 December 2013

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

purshotam vohra

CA IPCC

138 Points Posted on 11 December 2013

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

Mitul Mirani

Employed in CA Firm

50 Points Posted on 11 December 2013

What will be entry in books of father?

NARESH NAIDU

Student

56 Points Posted on 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 Posted on 11 December 2013

Not Taxable

Aamir

Article Assistant

36 Points Posted on 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....