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???
Roopal Gang (Student CA Final ) (27 Points)
20 February 2014In 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???
Mihir
(Wealth Manager)
(5293 Points)
Replied 21 February 2014
pratik
(CA- Accounts executive)
(272 Points)
Replied 21 February 2014
Kamal A. Jivani
( )
(39 Points)
Replied 21 February 2014
Any format is available?
It is on stamp paper then how much of stamp paper required?
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 22 February 2014
Gift given is not allowed as a deduction while computing taxable income,Hence no problem whether you give gift on cash or cheque basis
SHASHANK AGARWAL
(self employed)
(114 Points)
Replied 22 February 2014
CASH IS ALLOWED BUT ACCOMPANIED WITH A GIFT DEED.
FOR MORE DETAILS : https://knowyourtaxation.blogspot.in/
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