Dear All,
Is there any limit Under Income Tax Law to receive a GIFT From Relative (Mother), In one of my client's A/c His mom deposited a CASH Of RS. 1,50,000/- in 1 single day at 1 time.
Now, This amount is in nature of GIFT FROM MOTHER, I WANTS TO KNOW...IS THERE ANY LIMITATION OF AMOUNT TO RECEIVE A GIFT FROM RELATIVE ???
Please try to reply with a exact notification/circular/rule/section no. please....... or u can also share ur opinions..plz...
Gift of money or gift of property received from a relative is exempted from Income Tax u/s 56(2)(vii). So, Any amount of money can be given as gift from Mother to son.
Regards
Prateek
| Originally posted by : Prateek Agarwal | ||
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Gift of money or gift of property received from a relative is exempted from Income Tax u/s 56(2)(vii). So, Any amount of money can be given as gift from Mother to son. Regards Prateek |
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Thank you for giving ur valuable time & reply!!! I have the printout of this section... Before putting a question i read this section but was confused... Now coz of ur answer...I read further carefully.... & got my answer.. thanks a lot !!!!!
CAclubindia
