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Neha Sharma   23 November 2018

gift of cash

hello,

I am a salaried person .
in 2010 my mother deposited cash of 6,50,000 in my bank account as gift
now 8 years later income tax department send notice for this cash deposit .I explained and I m being asked for gift deed.
But as per my understanding I don't need to create gift deed for cash.
I don't wantto pay stamp duty for it..
please suggest what document can I provide in this case


Learning

 2 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     24 November 2018

Have you shown the credit of Rs. 650,000- i to your account, by way of cash as gift, in the IT return fir the financial concerned? Gift in any form including Rs.50,000 is taxable in the hands of recipient. Please contact a Chartered Accountant or Income Tax Practitioner to resolve the issue.

CS Amrut Lakum   24 November 2018

consult to ca

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