Covering letter
This query is : Resolved
17 September 2012
Dear Sir,
Can you please provide me format of a covering letter of gift from father to son.
Thanks in advance.
Can you please provide me format of a covering letter of gift from father to son.
Thanks in advance.
17 September 2012
Rather than covering letter it would be better to have a gift deed in place.
For gift deed format check out below link--
https://www.caclubindia.com/forum/details.asp?mod_id=106894#.UFcXOrLiaZk
For gift deed format check out below link--
https://www.caclubindia.com/forum/details.asp?mod_id=106894#.UFcXOrLiaZk
17 September 2012
If assessee goes for gift deed, it would attract payment of stamp duty according to the amount of gift and back dated stamps would not be easily available. Whereas assessee just seeking a remedy for income tax purpose that he has taken a gift from relative. Whether the covering letter of said effect would work ?
Aditya Maheshwari
(Expert)
17 September 2012
If money was received then no stamp duty is leviable and hence what sanjay has said is correct.
Aditya Maheshwari
(Expert)
18 September 2012
Yes u can.
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