Gift given by father to son in old denomination currency
This query is : Resolved
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?
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.
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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