Tax free cash gift

KAILASH (Others) (40 Points)

21 January 2021

How much cash gift through bank transfer is exempted from tax from Father in Law to Daughter in law in a Financial year.

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5 Replies

8156046685 (CA FINAL STUDENT) (45 Points)
Replied 21 January 2021

50,000 exempt u/s 56(2)(x)

Kapadia Pravin (17264 Points)
Replied 21 January 2021

Upto aggregate 50000/- for the year from non-relatives. Daughter in law does not fall in relative defination to Father in law.

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CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 21 January 2021

50000 rupees

Krishna Chaudhary (Accountant) (4531 Points)
Replied 23 January 2021

Up to rupees 50000 can be received from any person but in case of relative you receive you can receive any amount

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CA Rashmi Gandhi (Chartered Accountant) (86461 Points)
Replied 23 January 2021

Any gift from relative is completely exempt.

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