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.
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