Gift in cash / cheque

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 May 2012 can mother of age 78 give gift to the his son rs 10 lacs in cash or cheque gift when both are the partners in the same firm?


what are the leagl issue taken care ?

08 May 2012 Gifts can be received from relatives. Son can accept gift from mother in spite of the fact that both are partners in any firm.
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Prepare a Gift Deed.
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