| Pl help in resolving the following query: 1) Can a father gift to his son an amount more than Rs.20,000 in cash in one day? Does it come under the tax provision of no cash payments more than Rs 20,000 per person per day.?? |
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Yes, a father can gift whatever amount he likes to give subject to his financial strength.
ReplyDeleteALso, cash payment criteria do not apply to gift, it only apply to cash expenditure
There is no bar in a father giving cash gift of any amount to his son, even exceeding 20000.Only a word of caution, do not take back cash gift given to son, as loan, if amount exceeds 20000, which will attract Section 268SS/T. Why not use bank transaction, it is always safe.
ReplyDeleteCA NARENDRA PORWAL, 09324110666