gift (cash) received from my mother in law

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Prasanna Kumar K S (Querist)
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26 November 2016 gift (cash) received from my mother in law(and she is also my father's sister) whether it is exempt from tax

CA. Vinodh Kothari (Expert)
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26 November 2016 Yes exempted you need to prepare gift deed for the same. VK

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Prasanna Kumar K S (Querist)
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26 November 2016 sir thank you very much.is It ok to prepare gift deed on plain paper or it needs stamp paper

CA. Vinodh Kothari (Expert)
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26 November 2016 Better to take on Stamp and get it notarized

Prasanna Kumar K S (Querist)
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26 November 2016 sir thank you very much

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