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Parents cash gift by cheque
Yes 50000 limit is not applicable on gift from relatives
Replies (19)
Yes 50000 limit is not applicable on gift from relatives
50000 limit will not be considered, when gift received from relatives, its truly treated as a gift in the hands of his wife. AGRO INCOME will be shown in the hands of his father in law.
Dear all
Gifts received from specified relatives are exempt from Income Tax, and there is no upper limit also.
Father is included in the definition of relative, therefore amount received from him would be tax free.
Gifts received from specified relatives are exempt from Income Tax, and there is no upper limit also.
Father is included in the definition of relative, therefore amount received from him would be tax free.
Thanks & regards
Ramanj
Yes in gift from relative case Rs 50000,limit is not applicable
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