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Cash Gift received from Father

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 July 2011 Mr A's Father is a pension holder who is 85 years Old.He is receiving an amount of Rs.10,000/- p.m as pension and has Agricultural income of around Rs.2,00,000/-p.a.He has no PAN and not an assessee in I-Tax. My Query is:-
1.What is the Max.amount he can make a cash gift to his Son (in a Financial Year)?
2.Gift to be Paid in cash...not in cheque.Is it permissible in view of Income-Tax?
3.I think,now gift deed is not subject to registration.It can be executed in plain paper and kept for future reference before AO.

Please render an expert and correct answer.

Thanks
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U S Sharma

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U S Sharma (Expert)
12 July 2011 cash transactions are always put in doubtful eyes under tax net.
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hshivakumar

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hshivakumar (Expert)
12 July 2011 1. if sufficent proof is avilable you take cash gift from your father.
2. gift deed is not mandatory to register.
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