Cap for money gift

I have another question. Could you let me know what is the max cap for providing money by my father to me or by my father-in-law to her daughter i.e. my wife. The same amount will be used to repay the house loan taken by both of us jointly. Thank you!
Asked 2 years ago in Income Tax from Greater Noida, Uttar Pradesh
Hi there is no cap on the money you receive from father or by your wife from her father.
Shyam Sunder Modani
CA, Hyderabad
1131 Answers
5.0 on 5.0
  Talk to Shyam Sunder Modani
As per section 56 , there is no cap on the gift from the relatives . Like if your father gift you some cash or tangible property even if excess of 50000/- it will be exempt in the hands of the recepients  as this gift is from relative . Similarly if your father in law gift some cash or tangible property  to your wife ,that will not be taxable in the hands of your wife  as it is from relative .You may use the amount of gift to repay the house loan .
Prakash Sinha
CA, Delhi
112 Answers
4.9 on 5.0
  Talk to Prakash Sinha
There is no cap as such. However, the gift should match the donor's capacity to gift such amount.
Anil Bedi
CA, New Delhi
10 Answers
4.8 on 5.0
  Talk to Anil Bedi
There is no limit on the git amount from relatives.
Shashank Surana
CA, Chennai
60 Answers
4.3 on 5.0
  Talk to Shashank Surana
There is no limit, but he should be able to explain his sources and genuineness of the gift. It is always safe to have the gift routed through bank account in stead of cash.
B Vijaya Kumar
CA, Hyderabad
409 Answers
5.0 on 5.0
  Talk to B Vijaya Kumar
There is no cap for amount of gift to a relative. Relative is defined under income tax act

Regards
Ankit Jain
9810661322
ankit@ajsh.in
Ankit Jain
CA, New Delhi
32 Answers
4.4 on 5.0
  Talk to Ankit Jain
There is no cap for accepting gift or loan. As you are accepting from the relatives it is not taxable also under anyone hand.
Kavit Dilip Gadhia
CA, Mumbai
35 Answers
4.2 on 5.0
  Talk to Kavit Dilip Gadhia

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other questions asked by this user

Other Questions

Chartered Accountants

Rohit R Sharma
CA, Mumbai
1005 Answers
5.0 on 5.0
Abhishek Dugar
CA, Mumbai
1006 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
400 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
1131 Answers
5.0 on 5.0
Pradeep Bhat
CA, Bengaluru
186 Answers
5.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
409 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
308 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
138 Answers
5.0 on 5.0
Vidya Jain
CA, Kolkata
80 Answers
3.9 on 5.0
Ria Nagpal
CA, Ahmedabad
45 Answers
5.0 on 5.0