Gift in cash
This query is : Resolved
VIJAY KUMAR SHARDA
(Querist)
30 August 2011
SIR,
CAN I MAKE A CASH GIFT OF Rs.50,000/- to may friend from my cash book? IS it necessary to make gift only by account payee cheque if sum exceeds Rs.20,000/-
CAN I MAKE A CASH GIFT OF Rs.50,000/- to may friend from my cash book? IS it necessary to make gift only by account payee cheque if sum exceeds Rs.20,000/-
U S Sharma
(Expert)
30 August 2011
gift made in cash may be subject to selective assessment by department, where cross verification may be initiated, so bank entry is preferred.
CA Hardik Bunha
(Expert)
31 August 2011
your gift covered u/s 56 and it is not necesary that gift should be in a/c payee cheque.
THIS GIFT WILL BE TAXABLE IN THE HANDS OF YOUR FRIEND.
THIS GIFT WILL BE TAXABLE IN THE HANDS OF YOUR FRIEND.
01 September 2011
I agree with Hardik Bunha. The gift is to be dealt with the provisions of Section 56 of IT Act.
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