CA Deepesh Ruhela
(Keen to Learn)
(3271 Points)
Replied 07 July 2014
No, it is not taxable. Execute the gift deed to avoid future litigation.
Refer the below link
/articles/detailed-analysis-gifts-taxation-under-it-act-20955.asp#.U7rOY_mSyVY
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 07 July 2014
Amit
(Accountant)
(261 Points)
Replied 08 July 2014
No Gift to relatives not taxable. Check out section 56(2)(vii)
Amit
(Accountant)
(261 Points)
Replied 08 July 2014
Mr.Tribhuvan, there is no compulsion to pay by a mode otherwise than by cash. That compulsion exists for loans and deposits (u/s 269SS and 269T)
Rahul kumar
(student)
(21 Points)
Replied 09 July 2014
"Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
