Gift amount query.

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rishbah (Querist)
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29 March 2014 Good evening to all,

Here is a query regarding the gift amount received by relatives :

Q.1 : what is the maximum amount of gift can father can gift to his / her son daughter? weather the amount of gift received by his son/daughter is taxable for them or not?

Q.2 : If my Father, mother ,grand mother, elder brother , younger sister(married/unmarried)wants to gift Rs. 100000/ each to me. Weather I am eligible to receive the gift from them & upto what maximum limit? Weather this gift income is taxable for me or not?

Kindly please resolve the query at the earliest for which I will be vary thankful.
Regards
Rishabh Agrwal.

Harsha goyal

Harsha goyal (Expert)
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29 March 2014 Gift from relative is exempt for the purview of tax. Also there is no limit for this. Thus none of the above gift is taxable.

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rishbah

rishbah (Querist)
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29 March 2014 In reference of the above query there is one more doubt, that if my father wants to give Rs. 10 lacs to me weather this amount is taxable to me or not?

Regards
Rishabh

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rishbah

rishbah (Querist)
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29 March 2014 In reference of the above query there is one more doubt, that if my father wants to give Rs. 10 lacs to me weather this amount is taxable to me or not?

Regards
Rishabh

Nikhil Kaushik

Nikhil Kaushik (Expert)
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30 March 2014 Rishabh,

already answered by harsha that there is no limit

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rishbah

rishbah (Querist)
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18 May 2016 Query regarding ancestral property:
does father has right to sell ancestral property with out consent of her alone married daughter.
if father sell his property to any one without her alone daughter consent, can daughter has right to claim the same property.

kindly please resolve the query.