How much money can Father give to his daughter ?

POSTED BY Mahendrrat ON February 28, 2014 10:20 am COMMENTS (2)

Dear all,

Need your guidance. My father wants to give some money his to daughter(who is married & house wife-not having any income source). Is there any maximum limit on giving money to your daughter. ?

Please explain taxation angle of it if applicable. Also, can she invest that money in FD  or other investment options..?

Please help

Mahendra

2 replies on this article “How much money can Father give to his daughter ?”

  1. ashalanshu says:

    Dear Mahendra, father can gift any amount of his choice but his own income and capital should be able to justify that gift. For example, the combined assets with father is just 10L Rs. and he is gifting 15L Rs. then it’s a problem to prove the remaining 5L Rs.

    The gift deed can be prepared on a plain white paper. Stamp paper is not required. Even with out any occasion, he can gift.

    Thanks

    Ashal

  2. vaibhav45 says:

    There is no limit, father can gift any amount to his daughter. Amount of gift is exempt under section 56(2) (vii). As long as father have paid taxes on that amount there is no need to worry.
    You just need to draft gift deed on stamp paper for documentation. My suggestion is try to take this amount on some occasion like birthdays, anniversaries.
    You can refer this article as well https://www.jagoinvestor.com/2013/03/income-tax-on-gifts-received.html

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