Gift

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DHAVAL (Querist)
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06 August 2012 Can daughter give a gift to his dad of Rs.150000/- at a time?

Is it required to make gift deed ?

Please give me format of Gift deed

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2012 Yes she can. No tax liability in the hands of father.

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)

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2012 For income tax purpose it is better to make a gift deed.

For gift deed formats see below link--

https://www.caclubindia.com/forum/all-ready-made-agreements-format-must-download-207202.asp#.UB9VNfbiaZk

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