Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2010 Please advise.

A car is purchased partly out of following amounts:
1. cash gifts received on marriage from various relatives and
2. bank finance of Rs.1.5 lacs taken by father in law who undertakes to repay the principal with interest.

1. Whether the bank finance taken by the father in law should be treated as gift? If yes then what will be the amount of gift that is to be mentioned in the gift deed - the principal, the principal with interest or the EMI?
2. How much should be the value of stamp paper for the above bank finance and for a cash gift of Rs.50K as per the stamp laws prevailing in the state of Jharkhand?
3. What will be the tax incidence if the car alone is gifted as car is not covered under the definition of property u/s 56 and what should be the value of stamp paper for gift deed in that case?

Deepak Goel

Deepak Goel (Expert)
Follow

30 May 2010 Any amount of gift received on marriage is non-taxable and any amount of gift received from faterther in law is also non-taxable u/s 56 of the Income Tax Act.

Querist : Anonymous

Querist : Anonymous (Querist)

31 May 2010 Thanks for your reply.

But my question here is whether the bank finance should be treated as gift, The treatment of gift of car and the stamp paper requirements.

Querist : Anonymous

Querist : Anonymous (Querist)

31 May 2010 Thanks for your reply.

But my question here is whether the bank finance should be treated as gift, The treatment of gift of car and the stamp paper requirements.

Deepak Goel

Deepak Goel (Expert)
Follow

31 May 2010 Finance from Bank never treated as Gift. Any sum received without any consideration is treated as Gift but bank has charge interest so this is not treated as gift

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

damodara rao tedla

Ashok Atluri

Adv Ashish Vishwakarma

S Soundarya

Ashwini Thorat

Subscribe Now

Gift

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA