Doubt regarding gift

SARAVANAN.M (PRACTICE) (83 Points)

05 March 2013  

My friend, who is a senior citizen  wants to gift Rs.5 Lakhs by cash to his son in this FY 2012-13. His son is having PAN and files IT return regularly. But the father has not filed his IT returns sofar and even does not have PAN.  Is it possible. If yes, how. If not what is the way out. Pl. help.

 

Tnks

SARAVANAN.M