09 November 2012
Dear All, If A farmer having 40 Bigha land and he gift Rs. 6 lakh cash to his married daughter in Ass. Yr 2009-10 but he had not furnished any deed regarding that, Now the daughter received AIR notice for cash depositing more than 10 lakh , please guide me what process should be adopt by me to solve this problem, and please provide me if any case law related with that and relevent sections
11 November 2012
It is necessary to prove availability of cash on the date of gift and submit affidavit/declaration for amount gifted to daughter. Receipt of cash gift (genuine) from prescribed relatives is not taxable.
CAclubindia
