Gift deed
This query is : Resolved
TAVKER NIKUNJ
(Querist)
17 April 2013
WHAT IS A REASON FOR GIVEN GIFT DEED?
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.
TAVKER NIKUNJ
(Querist)
17 April 2013
IF I GIVE 50000 AMT CHEQUE GIFT THEN
WHAT IS BENEFITS FROM GIFT DEED
IF I GIVE 50000 AMT CHEQUE GIFT THEN
WHAT IS BENEFITS FROM GIFT DEED
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
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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