05 May 2016
MY Client had deposited Rs. 500000 into her wife saving account as gift from his salary saving account . Now she got notice of non filing of IT return and the ITO is demanding GIFT DEED . any of u have solution of this problem ?
05 May 2016
The IT notice was received because of deposits exceeding Rs. 10 lakh in her savings bank account. Though gift deed is not necessary in case of cash gifts or movable property gifts if the ITO insists on it to prove gift than prepare a gift deed and produce before him. Also produce before him copies of bank statements of both husband and wife.
05 May 2016
Totally Agree With Abhishek Goyal, Just want to add :
A gift deed is a deed, that is executed and delivered in which the donor transfers title to the receiver without any payment or considerations. It a document which transfer the legal title of the property to the donor, where the consideration is not monetary but is made in return for love and affection. There is indistinctness with respect to compliance of the gift deed at times, Whether a gift deed is required to be made in every circumstance.
Gift made by way of cash or cheque does not mandatory requires to be executed through a gift deed. Writing a plain typed note on a paper will generally suffice. It is not required to be stamped and registration is also not needed. You may simply mention the names of persons, their relation and that the gift is being given out of love and affection.
Abhishek Ranjan Singh ARS Solutions www.arssolutions.co.in +919022838615
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