Whether cash gift worth Rs. 2.50 lakh to mother [ not employed] is taxable..? I believe NO .. no clubbing ... what is yr opinion ..
regards
pervez (adviser) 05 July 2011
Whether cash gift worth Rs. 2.50 lakh to mother [ not employed] is taxable..? I believe NO .. no clubbing ... what is yr opinion ..
regards
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.
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.
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