Menu
Limit for cash gift from family members one finical year
it person cash gift from family members (father, mother, brother, sister) maximum amount limit in one finical year under it act.
Replies (3)
No limit but should be through banking channels. The amount gifted should tax-paid capital of the donor.
Gift of any amount to/from 'relatives' is tax exempt u/s. 56(2)(x) of IT act.
There is no limit for exemption in case of gift received from family members. However you can't accept cash gift of more than Rs 200000
As such these are exceptions under sec 56(x) (2).
Recent Threads
- Calculate IT on LTCG AND STCG for the F.Y.2025-26
- Heard & Seen Around – Your Daily Economi
- Returning to India - Residency confusion
- About CMP-08
- RCM List on GST
- Resignation of Previous Auditor
- Summary of GST Notification 18/2025 (Effective 1 N
- Heard & Seen Around – Your Daily Economi
- ITC restriction for Food manufacturing units
- Consortium Partnership: GST and TDS query
Related Threads
CAclubindia
