Gift in cash from father

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2014 Hello expert,

I received sum on money in cash from my father in 2011-12, but no gift deed was prepared. I had purchased plot from that money in cash. What it will impact to file return of F.Y. 2011-12 and 2012-13?

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

26 March 2014 The Gift Deed must b formed for gift received by u from ur father.. If u purchased the plot in cash and the amount exceeds Rs 20000/- then the whole amount will b disallowed & added back to ur income resulting in increase in Tax..

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now