Gift given by father to son in old denomination currency

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CA Sweta (Querist)
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15 November 2016 If father wants to gift his son cash of Rs.5 Lakh in which old denomination currency(Rs.500/1000 currency notes) are involved,then Gift deed made on stamp for this gift stands legally valid or not?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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15 November 2016 Gift deed on stamp is valid proof. but if the son deposits Rs. 5 lakhs in his bank account he may invite enquiry in which he may be asked to show the source of such money. To be able to give this much sum as gift the father must have sufficient cash in his books so as to justify the same.

CA Sweta

CA Sweta (Querist)
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17 November 2016 Ok Sir,but my question is whether gift deed valid because in gift of Rs.5 Lakh,old Rs.500/1000 notes are involved beacause old Rs.500/1000 notes are banned by Government.

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