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law on cash gift from father
i have taken rs. 50000 from my father. the amount was taken through a/c transfer as both of us have the a/c in the same branch so no cheque was used.i like to know is it necessary to take any gift through cheque only and whether i have to pay any tax for this amount.pls. anyone guide me.
Replies (2)
Gift taken from the prescribed relations (that includes father) is not taxable.
It is always preferable to take gift by cheque.
It is always preferable to take gift by cheque.
you can take heavy amount in a cash as a gift from father .
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