HARD CASH GIFT

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sundeep (Querist)
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02 August 2020 HOW MUCH AMOUNT IS EXEMPTED FOR GIFTING HARD CASH TO HUSBAND AND FROM SON TO FATHER IN INDIA

CA KARAN SINGH (Expert)
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02 August 2020 Full Amount. No Tax on the gift to a relative by virtue of proviso to Sec 56(2)(x) of Income Tax Act.

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sundeep (Querist)
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03 August 2020 I got a reply that 2 lakhs is max and penalty for the full amount if>2,00,000/-.
do I prepare any gift deed documents?

CA KARAN SINGH (Expert)
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03 August 2020 It is better to keep proper documentation.

CA PARTH SHAH (Expert)
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04 August 2020 Although the gift from Spouse & Son is not taxable, receipt of cash gift of Rs 2 lakhs or more is prohibited under section 269ST.

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(Expert)
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09 August 2020 https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=

(Expert)
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09 August 2020 https://taxguru.in/income-tax/tax-gifts-india.html

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