Raksha Bandhan 2023: Gifting Cash To Sisters - Is It Taxable?
New Delhi, Sep 1 (TNA) Gifts given to siblings are generally not taxable, including cash gifts. According to tax experts, gifts from close relatives within the same bloodline, like siblings, are exempt from taxation.
There's no specific limit on the amount that can be gifted to relatives under income tax laws. However, if the gift amount exceeds ₹2 lakh, it's advisable to use banking channels for the transaction to comply with regulations.
Gifts from specified relatives are outside the taxable scope, under Section 56(2)(x). Additionally, transferring shares or stocks to your sister is tax-free.