Gift to major son

Nilotpal (Profession) (56 Points)

24 February 2013

Whether Father will give money to his major married son as a gift ?

If yes, what is the limit and under what section ?

If father is retired person then what will be the position ?

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C.A. Jignesh N. Mehta (C.A.) (1030 Points)
Replied 24 February 2013

Originally posted by : Nilotpal
	Whether Father will give money to his major married son as a gift ? If yes, what is the limit and under what section ? If father is retired person then what will be the position ?

It is very simple.

No restriction on amount, gift will not be taxable from father to son. Refer Section 56

NOT TAXABLE

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