dear sir
one of my family friend will be going to receive a gift amount of Rs.10 lacs from her uncle in cash along with a gift deed. I told her to deposit entire amount into bank and can be spent for any capital expenditure including purchase a flat / construct a house.
kindly suggest regarding this
thanks
nagarajan
Gift from relative is exempted from Tax. As suggested it can be deposited in bank but you have to provide PAN No for depositing cash in bank. The uncle has to gift it out of disclosed income or from exempted income.
tnanks and very sorry for delay in reply
once again thanks
CAclubindia
