Limit for cash in hand
This query is : Resolved
30 April 2014
hi,
I'm seyed, ca-final student. as per sec 56(2)(viib), gift of any kind on the day of marriage is exempt from tax. suppose if I'm getting 25 lakh as gift in cash on the day of marriage:
1. Am I eligible to tax audit?
2. should I have to maintain any deed or document as to the proof for gift?
3. also see the above if I get the said sum from huge group of freinds?
4. is there any limit in the IT act or any other law that prescribe amount that one can have cash in hand?
kindly clarify the issue...
thanks ......
Nikhil Kaushik
(Expert)
01 May 2014
1. no. tax audit doesn't apply.
2. you should maintain whatever documentation possible to evidence receipt of gifts. gift deeds are the best proofs but often on marriages you just receive cash in named envelopes. so maintain a list of who gave how much
3. same answer as above
4. there is no limit for what cash you can have in hand but you need to establish the source.
2. you should maintain whatever documentation possible to evidence receipt of gifts. gift deeds are the best proofs but often on marriages you just receive cash in named envelopes. so maintain a list of who gave how much
3. same answer as above
4. there is no limit for what cash you can have in hand but you need to establish the source.
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