narendra khandelwal (service) (204 Points)
29 August 2008hi all
please tell me to what extent cash gift can be given and to whom it can be given.
is any legal document necessory for taking cash gift?
Actually my Grand Fathers wants to gift me Rs 51000 cash on my 25th Birthday. my grand father is not a PAN holder.he does not file IT Return.
what will be effect of taking cash gift of Rs 51000 on me and my grand father ?
Amresh Choudhary
(M.Sc. (Maths) MBA LLB (DU))
(694 Points)
Replied 29 August 2008
is your grand pa have any bank account.......?
narendra khandelwal
(service)
(204 Points)
Replied 29 August 2008
no,my grand pa is not having any bank account actually i need cash gft
Amresh Choudhary
(M.Sc. (Maths) MBA LLB (DU))
(694 Points)
Replied 29 August 2008
you can take a cash gift......sky is the limit,
or other way you can take it loan with 0% interest and pay whenever u can (no need to pay), this is best way to show when file the return for any cash amount u got,
CA Ravish Trivedi
(The Possibilities are Infinite...)
(772 Points)
Replied 29 August 2008
Section 56(2)(vi) applicable to the taxation of gifts in excess of Rs. 50,000 in a financial year in the aggregate are applicable for gifts received from non-relatives. Thus, any gift from relatives of any amount during the financial year is completely exempt from tax.
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 31 August 2008
LOAN TAKEN IN CASH IN EXCESS OF RS 20,000/- ATTRACTS PENALTY U/S 269SS EQUAL TO THE LOAN
CAclubindia
