Easy Office

cash gift

This query is : Open 
Profile Image

Profile Image

(Querist)
16 November 2016 i want to give old cash as a gift to my brother after 8th Nov 2016.tell me the legal impact on this transaction.
Profile Image

Jaspal Singh

Profile Image

Jaspal Singh (Expert)
16 November 2016 Hi
Generally you should have documentary proofs regarding the source of income for that cash. Gifts in the hands of brother is exempt since it falls under definition of relative.
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
17 November 2016 You can't give old cash as gift after 8th. It is not a legal tender.
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

Amit Chechani

Profile Image

Amit Chechani (Querist)
17 November 2016 but i can give any thing as a gift to my brother...yaha legal tender se kya effect hoga kya.
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
17 November 2016 You can give any thing but legally it is not a valid gift.
Profile Image

Amit Chechani

Profile Image

Amit Chechani (Querist)
18 November 2016 Thank u seetharaman sir...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


easyoffice CCI Pro

Trending Online Classes

view all classess


Answer Query



Quick Links