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Gift deed

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(Querist)
17 April 2013 WHAT IS A REASON FOR GIVEN GIFT DEED?
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CA.Vinita Gupta

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CA.Vinita Gupta (Expert)
17 April 2013 Gift deed acts as a documentary proof that a particular person has gifted some property/ assets to another person.
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TAVKER NIKUNJ

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TAVKER NIKUNJ (Querist)
17 April 2013
IF I GIVE 50000 AMT CHEQUE GIFT THEN
WHAT IS BENEFITS FROM GIFT DEED
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CA.Vinita Gupta

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CA.Vinita Gupta (Expert)
19 April 2013 Please refer Sec 56(v)where any sum of money exceeding Rs.50000/- is received without consideration by an Individual or HUF from any person the whole of such some is chargeable to Tax, except in cases of Gifts from Relatives.
So in case of Gift Deed the following things are recorded.
Name of the Donor
Name of the Donee
Whether the Donor is a Relative
Gift in cash/ cheque / property
Date of Transaction
Witness etc
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