Dear Sir,
I want to take cash of Rs. 15 lacs through cheque from grand father.
want to know formalities such as
1] Is this necessary to take and execute gift deed on bond?
2] What if I take such amount in cash ?
3] What is the scope of meaning of relative?
Kindly resolve query at earliest.
Thanks to all.
Prepare a gift deed since the amount is large. This amount is not taxable in your hands.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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