Whether money can be gifted

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M.Com
356 Points Posted on 18 April 2023
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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On 18 April 2023 at 13:01 Report
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This discussion clarifies that fathers can indeed gift money, whether in cash or via bank transfer, to their wife and son without incurring income tax. It references exceptions under Section 56(2) of the Income Tax Act for gifts from relatives. The conversation also touches upon the stamp duty implications for registering a gift deed for a substantial sum.

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ACCOUNTS MANAGER
2213 Points Posted on 18 April 2023

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 ............... 

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On 18 April 2023 at 13:16
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Profession
28267 Points Posted on 18 April 2023
Exceptions of Sec 56 (x) (2).
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On 18 April 2023 at 15:53
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Chartered Accountants
2015 Points Posted on 19 April 2023

GIFT FROM RELATIVES EXPLAINED

Watch This Video for full clarity ON GIFT FROM RELATIVE

 

 

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On 19 April 2023 at 14:55
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M.Com
356 Points Posted on 02 May 2023
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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On 02 May 2023 at 12:37

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