cash received from father
This query is : Open
06 June 2017
Respected sir /mam
my father had been given to me ₹550000/-in cash through sale of his land and I diposted whole amt in my bank account. now what should I show in my Itr and what type of document I can maintained if I show this as a unsecured loan
06 June 2017
Loan can't be given more than 20000 in cash. Treat it as gift if received during the last financial year. This financial year you can't take cash gift exceeding 2 lacs.
06 June 2017
thanks sir for your quick reply
I have one more query
one of my friend purchased a plot in the name of his mother and he paid whole amount from his bank rs 1271000/- how can I treat this in itr and books of accounts
07 June 2017
No need to show it in ITR.
Make gift deed & show this amt as gift in capital a/c.
07 June 2017
both the transactions (550000
07 June 2017
u mean both the transactions I should treat as gift with a gift deed
07 June 2017
No only in second case
07 June 2017
thank you mam
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