Gift tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2016 Sir i want give gift to my mother in cash Rs 500000. Then have any requirement of any gift deed or cheque transaction or any other proof of gift in cash? Tell me process of giving gift in cash.

CA. Vinodh Kothari

CA. Vinodh Kothari (Expert)
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03 December 2016 Advisable to give Gift by Cheque by preparing a Gift Deed on a Stamp Paper. If you give by cash the you have to ensure that you have proper source of taxable income from which you are giving the gift to you monther then you can give by cash.

VK