Gift received in cash

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kumar manoj (Querist)
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03 September 2012 Dear all

if an individual received gift in cash (Rs. 800000) from his father, will this receipt attract income tax.

Further, father has only source of income i.e. agricultural income

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 September 2012 Gift received from father is exempt.

kumar manoj

kumar manoj (Querist)
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03 September 2012 Dear Sir

Please elaborate in detail with reference of relevant section

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Praveen Kumar Rathi

Praveen Kumar Rathi (Expert)
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03 September 2012 It will not make any difference whether you receive via cheque or via cash , but for safer side we prefer to get gift via cheque with a Gift Deed.and further the gift received from specified relatives is exempt.

Prakash Kochar

Prakash Kochar (Expert)
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06 September 2012 Gift received from father is exempt from Income Tax whether it is by way of cash or cheque, subject to genuineness of transaction, source of amount gifted, availability of fund for gift etc.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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10 September 2012 It is exempt u/s 56(2)(vii) of the Income Tax Act.