Tax Treatment for Gift by Father to Son

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  1. Vijay Saxena

    Vijay Saxena New Member

    If I give cash gift (through bank account) to my son which he utilizes to repay his loan, will this have any tax implication. Any limit on such gift ? Is it necessary to have a gift deed ?
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    There would be no tax implication in this case.

    Gifts received from father are fully exempted from the levy of income tax
     
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