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pervez (adviser)     05 July 2011

Cash Gift to mother

Whether cash gift worth Rs. 2.50 lakh to mother [ not employed] is taxable..? I  believe NO .. no clubbing ...  what is yr opinion ..

regards



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 5 Replies

A V Vishal (Advocate)     06 July 2011

Why in cash and not in cheque?

Shayan Khan (B.com)     06 July 2011

To parvez,

that cash gift would not be taxable in the hands of your mother. However, please ensure that the same amount have been included in the income of your mother in the return of income(though it is fully exempt) and the same has been debited to your capital account also.

The concept of clubbing deos not arise in this case.

1 Like

Amit Soni (Proprietor)     06 July 2011

Mr. Parvez please assure sufficient cash in the accounts of the donor & it will be better to transact through cheque.

1 Like

jagadish hiremath (advocate & tax consultant)     29 August 2011

Cash gift to mother can be made as mother relation is blood relation. It is better to make gift in cheque or DD rather than cash


(Guest)

Any gifts to the family members are tax-free, but as experts say its always better to have the transaction through cheque or draft.

Thanks.


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