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 3 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.
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 .
CA, New Delhi Area, India
There is no cap as such. However, the gift should match the donor's capacity to gift such amount.
There is no limit on the git amount from relatives.
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.
There is no cap for amount of gift to a relative. Relative is defined under income tax act
CA, New Delhi
There is no cap for accepting gift or loan. As you are accepting from the relatives it is not taxable also under anyone hand.