Cash gift to son/daughter/son in law/daughter in law

Subhash Chandra Sharma (Querist) 08 November 2013 This query is : Resolved
Can a person having agricultural income ( also retired from services)gift any sum in cash to his /her son/daughter/son in law/daughter in law ? is there any requirement of stamp paper or can he declare on a simple paper ?

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V R SHROFF (Expert) 08 November 2013
yes he can. [only blood related or their spouce.
Documentation will help at scrutiny time by Income Tax Dept.

BAALASUBRAMANNYAMM (Expert) 08 November 2013
Yes. he can gift it. But he should be answerable to the IT Department, in case of IT Scrutiny. White paper is enough, to show the evidence of receipt and payment by both the parties.

Rajendra K Goyal (Expert) 08 November 2013
Gift by cheque with forwarding letter would be better, only to blood relation, this would be helpful in It scrutiny.

R K JAIN (Expert) 09 November 2013
There is no requirement of stamp paper or simple paper if the gift is given by cheque. Therefore it is advisable to give cheque because you will not have any problem for gift in cash but the person receiving the gift can be asked to prove the genuineness of the amount received by him.

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