gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2010 Sir my father 80 years old having own pan no.want to give some amount as GIFT to his
GRAND DAUGHTER (18 YEARS OLD AND HAVE PAN NO .ALSO).
Sir my question is---
CAN A GRAND FATHER GIFT MONEY TO HIS GRAND DAUGHTER ?, IF YES, WILL HE HAVE TO GIVE ANY AFFIDIABET SHOWING THIS GIFT.?
HE IS GIVING GIFT BY CHEQUE.
THANKING YOU
VINOD

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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18 December 2010 Yes He Can Give Gift to Her Daughter.
Exempt U/s 56.

and a Gift Deed Must Be Prepared For Any Future Refernce

CA Sanat Pyne

CA Sanat Pyne (Expert)
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18 December 2010 yes. he can . and this gift will not be taxable.
it is better to make a giftdeed for incometax purpose.

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