sir,
received cash gift of 200000 from father in law,
can i deposit it in bank.
is it mandatory to show received gift in income tax return.
First of all, as per sec. 269ST of IT act, you cannot receive cash gift of Rs. 2 lakhs or more from any single person (here FIL).
So. make it less than 2 lahs, prepare gift deed, and deposit in your account.
Yes, better to declare in ITR.
Most Welcome....
CAclubindia
