In case of cash gift, the gift is to be carried out in cash (currency) or through bank??
Suppose, Mr. X wants to gift rs. 5,00,000 to his son then, he can do so through gift deed or first deposit money into bank and then transfer the same as gift???
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Cash gift
Replies (5)
Gift can be given in cash or cheque. Gift deed will be important before you give the gift.
Gift can be given by mode of cash or cheques. There is no issue on mode of gift , but it is recommend a gift deed in case of a hefty amount.
Any format is available?
It is on stamp paper then how much of stamp paper required?
Gift given is not allowed as a deduction while computing taxable income,Hence no problem whether you give gift on cash or cheque basis
CASH IS ALLOWED BUT ACCOMPANIED WITH A GIFT DEED.
FOR MORE DETAILS : https://knowyourtaxation.blogspot.in/
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