Gift
This query is : Resolved
CA Mukund Sarda
(Querist)
26 April 2013
I am giving a gift of Gold Jewellery worth Rs. 5 Lacs to my sister. is it necessary for us to execute a Gift Deed.
I am asking from tax point of view, whether absence of gift deed would cause any future trouble to my or my sister like scrutiny etc.
I am asking from tax point of view, whether absence of gift deed would cause any future trouble to my or my sister like scrutiny etc.
CA.Sourabh Sethia
(Expert)
26 April 2013
Would not lead to any trouble
but taking it through a gift deed makes it more genuine
and also its a documentary evidence
Note : Also Financial statements are to be considered only gift deeds does not make the person capable for gifting
but taking it through a gift deed makes it more genuine
and also its a documentary evidence
Note : Also Financial statements are to be considered only gift deeds does not make the person capable for gifting
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