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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).
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