sir,
received cash gift of 200000 from father in law,
can i deposit it in bank.
is it mandatory to show received gift in income tax return.
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Gift quarry
Replies (3)
Quick Summary
First of all, as per sec. 269ST of IT act, you cannot receive cash gift of Rs. 2 lakhs or more from any single person (here FIL).
So. make it less than 2 lahs, prepare gift deed, and deposit in your account.
Yes, better to declare in ITR.
Thank you
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