You told me that Rs 50000 is the limit of gift to any of blood relation relative, my question is can I gift Rs 50000 to more than one relative i.e. Rs 50000 to spouse, Rs 50000 to my daughter (Minor) & Rs 50000 to my son (Minor) in the same FY and interest/gain on this amount will not be added to my income.
asked Aug 05 '11 at 16:31 by sakiv1089 186●8●13●22
There is no limit on gifts to relatives (not all but most of the direct ones), which is non taxable.
You can gift any amount to any of your close relatives and it will be non-taxable.
But gains out of it may be added to your income.
answered Aug 06 '11 at 21:44 by pankaj 5.2k●3●20