Loan or Gift from son to father, Which option is best in Cash transaction?
How much amount permissible in a year?
What is the procedure to do this transaction?
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Loan or Gift From Son to Father???
Replies (6)
Quick Summary
Max limit for acceptance of loan is <20k otherwise violation of section 269SS.
Any gift from son to father is not taxable under income tax. Max limit for receipt of cash gift would be <2 lacs to avoid violation of 269ST.
Can we show 2L in single transactions or Gift declaration are required or not?
For large transactions, it is always better to create a gift deed. You can show below 2L for single transaction in cash. Otherwise, there will be voilation of section 269ST
Okay, then we create two deeds if we want to give excess 2L.
Yeah, Up to 269ST -Aggregate Limit /Year is 2 Lakh.
you can proceed as a gift, draft gift deed for future reference.
you can proceed as a gift, draft gift deed for future reference.
Okk, so no need to registered deed in this case.
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