Cash Gift received from Father
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2011
Mr A's Father is a pension holder who is 85 years Old.He is receiving an amount of Rs.10,000/- p.m as pension and has Agricultural income of around Rs.2,00,000/-p.a.He has no PAN and not an assessee in I-Tax. My Query is:-
1.What is the Max.amount he can make a cash gift to his Son (in a Financial Year)?
2.Gift to be Paid in cash...not in cheque.Is it permissible in view of Income-Tax?
3.I think,now gift deed is not subject to registration.It can be executed in plain paper and kept for future reference before AO.
Please render an expert and correct answer.
Thanks
1.What is the Max.amount he can make a cash gift to his Son (in a Financial Year)?
2.Gift to be Paid in cash...not in cheque.Is it permissible in view of Income-Tax?
3.I think,now gift deed is not subject to registration.It can be executed in plain paper and kept for future reference before AO.
Please render an expert and correct answer.
Thanks
12 July 2011
cash transactions are always put in doubtful eyes under tax net.
12 July 2011
1. if sufficent proof is avilable you take cash gift from your father.
2. gift deed is not mandatory to register.
2. gift deed is not mandatory to register.
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