my sister has x amount of rs and she would like to gift this amount to my Mom. is there any requirement of a deed to be prepared in this case, and also how is the minimum amount one can gift to thier parents. i also wanted to know can this gift can be revoked. Experts please advice.
12 August 2012
No document needed if cash gift up to Rs.50000/- to family member like mother/daughter etc.(linear descendants only). Check section 56 of IT Act 1961.
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