Dear sir,
I want to gift some amount of money to my own sister. Please let me know how much money I can transfer to my sister's bank account without paying tax.
Rgds
Rajanna K V
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Gift to sister
Replies (5)
Quick Summary
Rs.50000 but better to prepare Gift dead.
Rs. 50000 is exempted but it's a blood relation.
Dear sir,
My sister is blood relation only, that is born next to me. So in this case also only 50000 Rs is exempt from tax?? But I heard from my friend one can gift any amount to blood relation persons( ie own sister/brother etc). Please clarify further.
Yes blood relation any amount exempt , so gift to own sister is exempted
Gift to relatives in cash or kind is exempt without any limits
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