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Accepting Gift in Cash for Rs 100,000

chetan (None) (30 Points)

15 April 2011

Is it possible to accept Cash Gift of Rs 100,000 from Relative who is lineal asscendant? What documentation need to be done ?

Thanks.

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11 Replies

pryan (prop) (55 Points)
Replied 15 April 2011

Yes, U just need to make a gift deed and preserve it.

Devendra (Chartered Accountant) (4775 Points)
Replied 15 April 2011

Yes you can accept Cash Gift, but you need to execute a gift deed for the same.

Regards,

Devendra K

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 15 April 2011

you can accept, but the donee must have to maintain all cash flow records to establish the gift, otherwise both have to face trouble.

CA Rajat Jain (CA) (1677 Points)
Replied 15 April 2011

yes , you can accept

chetan (None) (30 Points)
Replied 15 April 2011

Thanks for the reply. Just a quick follow up question - Should Gift Deed be done on Stamp Paper ? If so what is the amount of Stamp Paper that needs to be purchased ?

Will this Gift Deed Format Work ? https://www.vakilno1.com/forms/gift/Gift-10.htm

Thanks

Devendra (Chartered Accountant) (4775 Points)
Replied 15 April 2011

THE GIFT DEED IS TO BE EXECUTED ON A 100 RUPEES STAMP PAPER. THE FORMAT MENTIONED BY YOU IS CORRECT.

REGARDS,

DEVENDRA K

Mayank Lohana (Owner) (33 Points)
Replied 16 April 2011

Yes u can accept but only to make gift deed is not sufficient. you have to prove credit worthiness of doner nd onus to prove is upon assessee otherwise section 69 will attract

CA Rohit Gupta (Partner) (1982 Points)
Replied 16 April 2011

Yes you can accept and executing a gift deed on a rs. 100 stamp paper but make sure the credit worthiness of donor.

CA Is My Passion...... ( IPCC - Nov 2011, BCOM) (188 Points)
Replied 16 April 2011

Gifts recieved in cash for more than 50,000 is taxable , if recieved in cash , but if the same is recieved in kind from the relatives it is no way taxable..............................