Gift in cash

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Ravi Kumar Rajgaria

Ravi Kumar Rajgaria (Querist)
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22 August 2012 Can i make a gift to my son in cash around 5 lacs?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 August 2012 Yes you can make the gift.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)

Ravi Kumar Rajgaria

Ravi Kumar Rajgaria (Querist)
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22 August 2012 Is there no problem to gift in cash? Is there any rule for not to gift in Cash to his son?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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23 August 2012 No problems in giving cash. There is no such rule. But if given be cheque you can always prove the same through your bank statement. Further to give the gift in cash.

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