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Tax free gift
can daughter/ son give tax free gift to mother
Replies (7)
Yes, tax-free when gift received from 'Relative'
How much amount free from tax
upto Rs. 50000 it is exempt
No limit. Any amount received from specified relatives is tax free u/s. 56(2)(x) of Income Tax act, 1961.
What is the maximum cash gift can be given to son and daughter
Less than 2 lakhs per event.
good clarification and information
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