Gift in cash from father
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?
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?
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..
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