Cash received from father Rs, 22 Lakhs

Save Share

This query is : Resolved

Quick Summary

Receiving a significant sum of Rs. 22 lakhs in cash from your father requires careful consideration. It's strongly advised to use banking methods like cheques or RTGS for transfers, as receiving cash amounts of Rs. 2 lakhs or more is legally problematic. A gift deed might be necessary, especially if the funds originated from a bank loan. Always adhere to cash carrying limits to avoid legal issues.

JACOB ABRAHAM KURIALANICKAL

JACOB ABRAHAM KURIALANICKAL (Querist)
Follow

16 September 2025 What are the precautions to be taken to receive liquid cash of Rs. 22 lakhs from father? Is a gift deed required? Father took a loan from the bank to pay this amount to his son. He wants to give this to another person

Also, how much money one can carry with him.

Pls advise

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

16 September 2025 Your father should give you this amount by any banking mode like Cheque, RTGS etc. You cannot receive liquid cash of Rs. 2 lakhs or more.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

19 September 2025 Good Luck...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now