Gift in Cash

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Devendra

Devendra (Querist)
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14 March 2011 Whether Gift to relative can be given in Cash?
For eg : Rs. 200000 to mother in cash. Whether eligible?

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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14 March 2011 The objective of this provision is to bring in to tax net the bogus transaction in the name of gift from un known persons.

Any gift from non relative shall be subject to tax u/s 56 (2)

There is no restrction for Gift transaction between relative.

Gift in cash or kind can be Given to relative.