Can i gift sum of 50000 cash each to multiple persons without incurring any extra charges or penalty or tax from income tax authorities ?
Yes, you can give, but income tax authorities can ask you the source of such income.
cash transaction should not exceed Rs 20000/- in a day to Single person
if you are making gift through cheque / DD, then it is no issues.
Limit of Rs 50000 for the person at receiving end of such gift in monetary or in kind for inadequte consideration then it is not taxable in his hands.
Gifts received from relatives are exempt from tax.
The person who is giving gift there is no limit for the amount of gift
If you have declared/ tax paid income then you can gift the money.
Hello Sir,
You can very well gift the above mentioned if the amount is from a legitimate source and you have already declared it in your income and paid taxes (if applicable)
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
yes. but there are many things to take care.
please understand that gifts from relatives are exempt.
but you must have a legitimate source of income from which you can give cash gifts. else it is accounted as black money and taxed and penalised.
Dear Sir,
There is no limit for giving gifts in cash as long as gift is given from the legitimate source of income.
However, if the recipient receives gifts from non-relatives in excess of INR 50000 in a year whether in cash or cheque, it will be taxable in his hands.
