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GIFT

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 December 2010 IF MOTHER GIFTS RS 10000/- TO MAJOR DAUGHTER THEN WIL CLUBBING PROVISION BE APPLICABLE?
GIFT DEED REQD?
SINCE AMT IS NOT HUGE WHETHER POSSIBLE TO EXECUTE GIFT DEED ON PLAIN PAPER [I.E. WITHOUT STAMP PAPER B/C I READ SOMEWHERE THT NO STAMP PAPER IS REQD FOR EXEXUTION OF GIFT DEED]?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
04 December 2010 Personal gift to the extent of Rs. 50000/- is not a income, so it is not taxable. No document is required to gift Rs. 10000/- to daughter.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
04 December 2010 i little disagree with BHAGATJI.
Any amount of gift from relative is not taxable.

So here , gift received from mother is not taxable.
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