Cash gift

This query is : Resolved

Ritesh (Querist)
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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

Pradeep Shah

Pradeep Shah (Expert)
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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.

you will get format on the net for the same.