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
- Gst me Registration Zaruri Hain Kya?
- Discuss and Download CA Inter Question Paper Janua
- Discuss and Download CA Final Question Paper Janua
- Accounting Entry for samples received from princip
- Many of my clients who are bank employees received
- Missed filing for AY 2022-23. TDS refund possible
- Form 26QB: Assessment Year Based on Payment Date o
- Revision of Tax Audit
- IT Return 2023-24
- LUT for Companies Using EVC and Not DSC?
Related Threads
CAclubindia
