Gift deed
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2012
Hi,
my sister has x amount of rs and she would like to gift this amount to my Mom. is there any requirement of a deed to be prepared in this case, and also how is the minimum amount one can gift to thier parents. i also wanted to know can this gift can be revoked. Experts please advice.
my sister has x amount of rs and she would like to gift this amount to my Mom. is there any requirement of a deed to be prepared in this case, and also how is the minimum amount one can gift to thier parents. i also wanted to know can this gift can be revoked. Experts please advice.
12 August 2012
No document needed if cash gift up to Rs.50000/- to family member like mother/daughter etc.(linear descendants only).
Check section 56 of IT Act 1961.
Gift in cash once delivery, cannot be revoked.
Check section 56 of IT Act 1961.
Gift in cash once delivery, cannot be revoked.
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