Can a assesse take gift from father of Rs 100000/- by cash and is it necessary that father's always maintain I.T.File.?
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Gift tax
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He can but it will be difficult to substantiate the claim, thats why always prefer a gift deed. No, not necessarily , but donar should be in position to explain the source of money, which is easier if there is return. If donar is not able to explain the source then provisions of S.68 can be brought into picture and the sum can be treated as income.
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