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Gift

This query is : Resolved 
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(Querist)
19 February 2010 This family friend of ours is planning to gift us Rs.100,000.
He is planning to do this via a bank transfer into my mothers account. He has no blood relation with my mother. Will this income be taxable?
can this be shown as a loan? or a gift?
or is it better to just take the money in cash?

thanks in advance for the help!
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CA Sanjeev Kr Jain

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CA Sanjeev Kr Jain (Expert)
20 February 2010 it will be taxable in hand of mother
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
26 February 2010 it will be taxable in hand of mother in case of gift
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
26 February 2010 Agreed
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