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Gift in cash

This query is : Resolved 
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(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/-
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U S Sharma

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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.
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CA Hardik Bunha

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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.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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