Can one give a gift to his son for purchase of a flat and if one can, are there any limit for such gift under the tax laws? According to a report in LiveMint, under current tax laws there are no boundation on giving gifts to any person. Whereas, in certain circumstances the clubbing provisions apply in regard to income derived by the person receiving from the gifts. In matter for gift given to daughter in law and one’s spouse, the income accruing due to the asset transferred is required to be clubbed in the hands of the person giving the gift.
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