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
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??
CAclubindia
