CAN A PERSON TAKE GIFT FROM GRAND MOTHER IN CASH OF RS 200000 AND IS THE SAME SHOULD SHOWN IN ITR UNDER EXEMPTED INCOME..
ITO CAN ASK SOURCE OF INCOME OF MY GRAND MOTHER?
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Gift from grand mother in cash
Replies (6)
Yes you can accept but make a gift deed for same.
No more restriction and No more Questions raised...
The Person can take Gift from his Grand Mother...
The Person can take Gift from his Grand Mother...
yes you can accept gift from your grand mother, easily and no income tax provisions will attract for tax
Your Grand mother should have the capacity to give you the gift. Source is important especially since the gift is in cash (considering demonetization)
Yes you can receive the gift from your grandmother but gift deed is must.
You may receive gift from your Grandmother, is tax exempt, which the IT authorities have no right to question or tax.
However, they do have the right to question and find out the source of your Grandmother's income, which she has given you as gift.
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