Can i gift money to my father.What is the tax free limit of gift to my father?
10 Replies
CA MANISH AGRAWAL
(Practice)
(539 Points)
Replied 28 December 2012
the limit of cash gift is Rs 50000 in one fiancial year u/s 56(2) of income tax act,1962.
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 28 December 2012
You can give gift to your father. There is no limit on this. When the gift is given to any Non-Relative, limit of INR 50000 apply.
CA MANISH AGRAWAL
(Practice)
(539 Points)
Replied 28 December 2012
U can give gift cash to father for only in some specified fuction only.
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 28 December 2012
Gift to father in any situation is exempt fully.
CA MANISH AGRAWAL
(Practice)
(539 Points)
Replied 28 December 2012
if u know ,y u raise question .do u want 2 test here...
CA Ashish Pathak
(Employed at Cipla Ltd.)
(2779 Points)
Replied 28 December 2012
Section 56(2)(vii) of the income tax act is not attracted where an individual receives money (cash gift) from any relative. The term relative includes father. So you can gift any amount to your father without attracting any tax.
CMA RAVI
(ASSISTANT MANGER - FINANCE)
(478 Points)
Replied 28 December 2012
HaHa cant stop laughing on this post.....
once again HaHa......
CA Sourabh Goenka
(Chartered Accountant)
(249 Points)
Replied 29 December 2012
Wheterh lineal ascendant or descendant covers son/daughter also????
priyank
(FINAL STUDENT)
(46 Points)
Replied 29 December 2012
there is no limit for taxability in the case of gift to relative.... it's already exempt....
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