Whether Gift Can Be Received In cash from Relatives..?
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Gift in cash
Replies (9)
Yes, But atleast keep a gift letter on record.
If I received gift from my Father a 2 year ago.. and i dint have any record in writing..
But my father give me a latter of declaration that he gave me gift..
Whther it is justifiable in sucrutiny ...?
Does your father file return? Has he shown gift given to you in his balancesheet? If, yes then it could be convincing.
If not, a declaration, as you have would help. Please substantiate it by providing father's passbook copy showing withdrawal of the gift amount before the gift date, if any. The source of the gift would be considered important.
agreed with the above discussion
you can also make a gift deed now
AGREED WITH THE ABOVE DISCUSSION
Preferable gift deed and source required.
you can receive the gift in cash from relatives but it should be deed on stamp paper as a proof documents which is enforceable by laws and the date of stamp paper shoul be earlier than the date of gift made.
you can make a gift declearation. it is nothing but a gift deed but the word should be used as gift declaration
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