hi all
please tell me to what extent cash gift can be given and to whom it can be given.
is any legal document necessory for taking cash gift?
Actually my Grand Fathers wants to gift me Rs 51000 cash on my 25th Birthday. my grand father is not a PAN holder.he does not file IT Return.
what will be effect of taking cash gift of Rs 51000 on me and my grand father ?
is your grand pa have any bank account.......?
no,my grand pa is not having any bank account actually i need cash gft
you can take a cash gift......sky is the limit,
or other way you can take it loan with 0% interest and pay whenever u can (no need to pay), this is best way to show when file the return for any cash amount u got,
Section 56(2)(vi) applicable to the taxation of gifts in excess of Rs. 50,000 in a financial year in the aggregate are applicable for gifts received from non-relatives. Thus, any gift from relatives of any amount during the financial year is completely exempt from tax.
LOAN TAKEN IN CASH IN EXCESS OF RS 20,000/- ATTRACTS PENALTY U/S 269SS EQUAL TO THE LOAN
CAclubindia
