Please Help: cash gift
Posted Date : 22-Jan-2015 , 08:42:23 pm | Posted By shubham
I am govt employee having 7 lac salary . I want give gift my relative in cash . But i not have any record/entry (i.e bank fd, loan to other person). How many amount can give gift my relative. Can i show that I have cash at home Rs 10 lac.
Category : Income Tax | Answers : 0 | Comments : 2 | Hits : 105
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shubham
23-Jan-2015 , 03:43:14 pmPls reply
ANURADHA AGRAWAL
24-Jan-2015 , 01:28:10 amDear Shubham , If you show Rs 10 lakhs cash at your home then you will have to clarify the excess amount that is Rs 3 laks (10 lakhs -7 Lakhs).