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Whether money can be gifted
Sir, whether father can give money(both cash and bank) as a gift to his wife and son, if so, relevant sections and rules of the Income Tax Act.
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Quick Summary
Yes he can give a gift in the mode of cash or bank transfer to his son & wife & the most important no any tax for that ...............
Exceptions of Sec 56 (x) (2).
GIFT FROM RELATIVES EXPLAINED
Watch This Video for full clarity ON GIFT FROM RELATIVE
Sir. if for Rs. 1,00,00,000 ( in money ie through bank) gift deed is made, what could be the stamp duty for registering such gift deed.
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