cash gift
This query is : Open
Amit Chechani
(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.
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.
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.
CA R SEETHARAMAN
(Expert)
17 November 2016
You can't give old cash as gift after 8th. It is not a legal tender.
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.
CA R SEETHARAMAN
(Expert)
17 November 2016
You can give any thing but legally it is not a valid gift.
Amit Chechani
(Querist)
18 November 2016
Thank u seetharaman sir...
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