Gift money

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 October 2017 HOW MUCH MONEY CAN I GIFT TO MY SON IN A YEAR.? I AM A BUSINESSMAN .. MY SON WORKING ABROAD ALSO HAVE AC IN INDIA . CAN I DEPOSIT ABOVE MONEY TO HIS PPF AC? IS THERE ANY COMPLICATION ABOUT TAX?

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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23 October 2017 No upper limit for the gifts to relatives

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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23 October 2017 PPF amount can be deposited in cash but I'm not sure whether your Bank accepts. There is no issue in gifting your son the money and investing in his PPF amount

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K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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23 October 2017 Since you are a businessman, I'd advise that you document the gift to your son. No need for registered deed, a simple document will be sufficient

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