Gift tax issue

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sumit chawla (Querist)
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20 August 2012 is it mandatory to make a gift deed ..incase one is accepting gift from his parents on b'day in cash and amt is Rs 40000

CA CS Amit S. Kedia (Expert)
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20 August 2012 Gift deed is not required for income tax purpose.
It is required for legal purpose only

sumit chawla (Querist)
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20 August 2012 tks sir..even though amt exceeds Rs 50000 and in cash .. then also it is not necessary

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CA CS Amit S. Kedia (Expert)
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20 August 2012 It is not required but it should always be remembered that the person is making the gift from the legitimate sources.

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