Hello Friends,
I have a query. The case is as follows:
My mother wants to gift me Rs. 500000\- in cash. She is housewife having PAN card but never filed ITR since income is always below exemption limit. She is not having bank account. Is it acceptable to get that much amount in cash? I know it will be tax free for me but is there any chance of her getting trapped in Legalties of Income Tax considering she never filed return and does not have Bank account.
If I can accept, then is it necessary to prepare a Gift deed? If yes, then what should be the amount of Stamp Paper.
I could have taken that as Interest free loan but sec 269T and 269SS prohibits loan in cash above Rs. 20000.
CAclubindia
