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Gift

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(Querist)
23 November 2010 Dear experts

I want to give Rs.5 to 6 lacs to my mother as gift so pl. tell me what are the tax implications for me & my mother & for this purpose which are the formalities that i have to complete
i want to buy a flat on her name and for that purpose i want to give her this amount
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 November 2010 Gift from relative is exempt from Tax.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi)

Your case falls in (vi) and hence not taxable.

Just make a gift deed, in case any queries raised while assessment.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
23 November 2010 No tax implications nor clubbing provisions apply. Just make a gift deed on a Rs. 100/- stamp paper. That would suffice.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 November 2010 https://www.caclubindia.com/forum/some-usefull-letter-and-deed-formats--106894.asp


For Gift deed format see above link.
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