Gift from grand father

Tax planning 482 views 2 replies

Dear Sir,

I want to take cash ofย  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.

Replies (2)
No need to execute deed. Enough if it's written on plain paper. Do not take in cash. It's violation of law. Yr grandfather is a relative as per definitions.

Prepare a gift deed since the amount is large. This amount is not taxable in your hands.


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