Parents cash gift by cheque
Page no : 2
Heena mangtani
(Chartered Accountant)
(272 Points)
Replied 19 October 2015
CMA Vivek Jaiswal
(Teaching )
(40 Points)
Replied 19 October 2015
Ramanuj
(Accountant.)
(834 Points)
Replied 19 October 2015
Dear all
Gifts received from specified relatives are exempt from Income Tax, and there is no upper limit also.
Father is included in the definition of relative, therefore amount received from him would be tax free.
Gifts received from specified relatives are exempt from Income Tax, and there is no upper limit also.
Father is included in the definition of relative, therefore amount received from him would be tax free.
Thanks & regards
Ramanj
CA ARUN AGRAWAL
(AUDIT MANAGER)
(59 Points)
Replied 21 October 2015
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