26 April 2014
Hello Memebers my quires is that I iwsh to obtained Cash as a gift From my mother. whats are the formalites or getting cash gift is taxable or not if yes then in which section and what would be its accountability and whats are the legal formalites for preparing Gift Documents . What would be the Declaration in what amount of Stamp paper, help me in this regards
26 April 2014
Gifts given to relatives are exempt from tax. Hence you can get gift any amount from your mother because as per explanation given in section 56 of the I-T act relative includes any lineal ascendant or descendant of the assessee. As son is the lineal descendant the gift given by mother so your tax will be fully exempt from tax.
on stamp paper of Rs. 100 gift deed cab be drafted.
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