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 ......
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- Form 10BD Filling
- TDS ON CASH WITHDRAWALS...
- Reporting of STCG on Property in ITR
- Foreign inward in ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
