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Gift tax

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(Querist)
20 August 2012 Sir,

I would like to know whether gift given by son to father in cash is covered under Gift Tax, & if taxable what is the exemption limit.

Thanks & regards

P Dandekar
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Taxguy

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Taxguy (Expert)
20 August 2012 Gift tax is no more in force. In your case, you are covered under section 56 of IT Act itself. The transaction is not taxable.
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SANYAM ARORA

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SANYAM ARORA (Expert)
20 August 2012 Dear Gift Given by son to father will not be taxable under I.T Act
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 October 2021 Gift received by father from son (relative u/s.56(2) of IT act) is tax exempt, without any limit.

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