Gift deed complication

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 July 2015 respected experts ,

On a special occasion my grandfather , my maternal uncle gifted me some cash equal to rs 3 lakhs 30 thousend and one home .

What is wrong in this transection ?

1) My grandfather is a farmer , he gifted me 10 thousend cash.
2)one of My maternal uncle is a farmer and other two is a salaried person... The maternal uncle who is a farmer gifted me cash 3 lakhs and the one who is salaied one gifted me 20 thousend in my account and one of my maternal uncle gifted me a house of 600 sq feet home through registered gift deed ... registry fee is payed by me

I have a seperate gift deed on stamp paper given by them ....

Will this amount be exempted or will it be added in my income ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 July 2015 1 There is no wrong in this transaction.
2 This amount will be exempted.
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2015 Sir , isnt necesarry to transfer that amount via cheque or demand draft ? gift in cash form will be allowed ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 July 2015 Gift in cash is allowed.....
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