04 August 2018
Hi all, if mother give rs. 500,000 in cash to son as a gift, then can it attract any income tax ? do mother has to prepare Gift deed? if this transaction liable to tax then how to save income tax liability.
04 August 2018
there is no tax impact. you should document it. However, gift deed is not required for movable property. But ensure that the mother has legitimate records of where this cash came from
04 August 2018
mother is giving gift from saving from bank. mother is employed in some company.do we require to prepare Gift Deed? do we need to register gift Deed?
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