08 March 2013
can i recd gift of Rs 255000/- from my father in cash, without gift deed? is there is any disallowances in incometax act? Bcas Sec 40A(3)doesn't mentioned about it & in Sec 56(2) mentioned that gift from relative is exempt from tax. pls suggest me solution bcas my ITO is disallowing it.
08 March 2013
you can take gift from your father as this is not expense of busines and profession. So 40A(3) doesn't applicable and 56(2) allow you to do so.
CAclubindia
