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Cash gift

This query is : Resolved 
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(Querist)
20 September 2012 Dear Sir,
Suppose an individual received Rs. 250000/- in cash from his father, and for that event they draft a gift deed on plain paper.
Whether AO will accept this transaction as a gift.

Please advise me.
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abhishek jain kolkata

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abhishek jain kolkata (Expert)
20 September 2012 yes AO should accept
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auditor sekar

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auditor sekar (Expert)
20 September 2012 gift by father, mother, and closed blood relatives will be acceptable
in your case the ASSESSSING OFFICER SHOULD ACCEPT THE GIFT by your father.
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CA.Vinita Gupta

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CA.Vinita Gupta (Expert)
20 September 2012 Yes Gift deed can be drafted on Plain Paper if its from close Relatives
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pushpendra

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pushpendra (Expert)
20 September 2012 yes if it a genuine transaction, Onus to prove the non genuine tr. is on Revenue.
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