Can a student who has surpassed the age of 18 yrs can take a gift ?
If yes.
What is the maximum amount he can take as gift ?
Does the person giving the gift gets deduction if yes upto what amount.? & under which section
3 Replies
Jitender
(Chartered Accountant)
(8724 Points)
Replied 09 January 2009
a person can take from his relatives (sec56) of any amount.
CA Sudhir Halakhandi
(PRACTICING CHARTERED ACCOUNTANT)
(13401 Points)
Replied 09 January 2009
1. NO DEDUCTION IS AVIALABLE FOR GIVING GIFT.
2. IF YOU ARE ASKING ABOUT TAX IMPLECATIONS OF RECEIVING GIFT YOU SHOULD REFER SECTION 56.
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