Gift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 December 2016
Sir i want give gift to my mother in cash Rs 500000. Then have any requirement of any gift deed or cheque transaction or any other proof of gift in cash? Tell me process of giving gift in cash.
CA. Vinodh Kothari
(Expert)
03 December 2016
Advisable to give Gift by Cheque by preparing a Gift Deed on a Stamp Paper. If you give by cash the you have to ensure that you have proper source of taxable income from which you are giving the gift to you monther then you can give by cash.
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VK
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