Agricultural land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2012 An assesse's mother sold a agricultural land for cash & had received & deposited such money in installments in her bank account. Now, she wants to gift such cash sale proceeds of agricultural land to her son (assesse) for which she ready to undersign a gift deed. So, my question is CAN SUCH GIFT BE ACCEPTED & SUCH SUM OF Rs. 30,00,000/- approx. be transfered from assesse's mother's bank account.

Guest

Guest (Expert)

23 July 2012 yes she can make cash gift to his son without any restiction

SANYAM ARORA

SANYAM ARORA (Expert)
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24 July 2012 Yes of course she can without any restrictions.

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Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2012 but can she take gift such a huge amount & what will be documents required to be maintained by the assessee for proving the genuiness of such transaction. Also, is it requiredby the assessee to prove the genuiness of the gift donor .i.e. his mother??