Parents cash gift by cheque

Heena mangtani

Chartered Accountant

272 Points Posted on 19 October 2015

Yes 50000 limit is not applicable on gift from relatives

CMA Vivek Jaiswal

Teaching

40 Points Posted on 19 October 2015

50000 limit will not be considered, when gift received from relatives, its truly treated as a gift in the hands of his wife. AGRO INCOME will be shown in the hands of his father in law.

Ramanuj

Accountant.

834 Points Posted on 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 Posted on 21 October 2015

Yes in gift from relative case Rs 50000,limit is not applicable

Guest

Yes. From relatives no limit.... Others 50K limit

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Heena mangtani

CMA Vivek Jaiswal

Ramanuj

CA ARUN AGRAWAL

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