Whether Gift Can Be Received In cash from Relatives..?
sagar kotak (article) (65 Points)
25 April 2014Whether Gift Can Be Received In cash from Relatives..?
sagar kotak
(article)
(65 Points)
Replied 25 April 2014
If I received gift from my Father a 2 year ago.. and i dint have any record in writing..
But my father give me a latter of declaration that he gave me gift..
Whther it is justifiable in sucrutiny ...?
Does your father file return? Has he shown gift given to you in his balancesheet? If, yes then it could be convincing.
If not, a declaration, as you have would help. Please substantiate it by providing father's passbook copy showing withdrawal of the gift amount before the gift date, if any. The source of the gift would be considered important.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 25 April 2014
agreed with the above discussion
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 25 April 2014
you can also make a gift deed now
sandeep
(Chartered Accountant)
(58 Points)
Replied 26 April 2014
you can receive the gift in cash from relatives but it should be deed on stamp paper as a proof documents which is enforceable by laws and the date of stamp paper shoul be earlier than the date of gift made.
Praveen Kumar Daga
(Student (CA Final))
(35 Points)
Replied 01 May 2014
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