Whether Father will give money to his major married son as a gift ?
If yes, what is the limit and under what section ?
If father is retired person then what will be the position ?
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Gift to major son
Replies (1)
| Originally posted by : Nilotpal | ||
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Whether Father will give money to his major married son as a gift ? If yes, what is the limit and under what section ? If father is retired person then what will be the position ? |
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It is very simple.
No restriction on amount, gift will not be taxable from father to son. Refer Section 56
NOT TAXABLE
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