Limit for cash gift from family members one finical year

kollipara sundaraiah (B.com) (2956 Points)

12 February 2023

it person cash gift from family members (father, mother, brother, sister) maximum amount limit in one finical year under it act.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167415 Points)
Replied 12 February 2023

No limit but should be through banking channels. The amount gifted should tax-paid capital of the donor.

Gift of any amount to/from 'relatives' is tax exempt u/s. 56(2)(x) of IT act.

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Share knowledge (Job) (47 Points)
Replied 13 February 2023

There is no limit for exemption in case of gift received from family members. However you can't accept cash gift of more than Rs 200000

sabyasachi mukherjee (27119 Points)
Replied 13 February 2023

As such these are exceptions under sec 56(x) (2).

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