Hi,
My grandmother has recently gifted me cash of 25 lacs as a gift. Can I deposit it in any bank. What declaration do I need to give. What will be my tax implications.
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Declaration of gift
Replies (4)
You need not pay any tax on this amount. A gift deed will have to be prepared to document this transaction. Depositing full 25L in cash in the bank is not the great idea. Split it up into small parts. Invest some in 4-5 banks, invest some in NSC, deposit some in PPF, invest some in gold etc.
You need not pay any tax on this amount. A gift deed will have to be prepared to document this transaction. Depositing full 25L in cash in the bank is not the great idea. Split it up into small parts. Invest some in 4-5 banks, invest some in NSC, deposit some in PPF, invest some in gold etc.
Thanks alot Mihir, your ideas are helpful, but can't I Purchase a residential flat with that money?
Yes you can invest this sum anywhere. No clubbing provisions also applicable.
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