Gift

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zakir (Querist)
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10 January 2011 I helped my FRIEND who is a Real Estate broker in getting customers for a new Building project in navi mumbai. Through my fetched customers and link on link from those customers he made a huge success.
AND IN RETURN TO MY FAVOR HE WISHES TO GIFT ME A FLAT IN NAVI MUMBAI.

1)IS THIS GIFT TAX FREE
2)IF I TAKE THIS GIFT ON MY MARRIAGE WOULD IT BE TAX FREE
3)IF ANS TO 1&2 IS NO.PLZ GUIDE HOW CAN I SAFE TAX.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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10 January 2011 Gift from nonrelative in excess of 50000 is taxable.however anything received at the time of marrage will not be taxable.

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Vivek Raju P

Vivek Raju P (Expert)
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11 January 2011 Agree with Mr Pyne, any gift from a non relative in excess of Rs 50k in an assessment year is taxable,

You may show it as a marriage gift and will not be taxable. Please bear in mind to have the gift deed executed in a reasonable time say 1 or 2 months after your wedding to avoid issues in future.

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sivasankar

sivasankar (Expert)
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11 January 2011 Hi,please draft a gift deed and make it sure that the wording is such that flat is gifted on the eve of your marriage.Your friend must show the same in his IT returns also.

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