Gift deed
Querist : Anonymous
Please clarify the following issues.
Who can give the gift? Is it necessary gift given person should be an Income tax assesse? Is it gift tax is applicable for giving person or taking person. Is it necessary gift should be given to only relative? If immovable property given as gift is it necessary compulsory to pay Corporation Taxes as on date. I am expecting answer very soon.
Donor need NOT be an income tax assessee.
Gift tax is abolished.
Sec 56 of the Income tax Act, specifies the taxability of Gift. Gift to relatives (as defined in Income Tax Act) is exempt.
Gift to others is taxable in the hands of donee in excess of INR 50,000 per financial year
Querist : Anonymous
Thank you for your reply. Continuation to your answer if the corporation tax is not paid till date, the donor can transfer the property to done. Please clarify.
See the point is....the seller (In this case DONOR) can transfer (In this case gift) only those rights vested in him
So if donor has not paid the corporation tax... donee can very well pay the same...
For want of Corporation tax, GIFT can NOT be held to be stuck up or invalid.
Querist : Anonymous
Thank you for giving valuable information. If possible please give the what are the documents required to make gift deed and procedure to make gift deed and please give format of gift deed.
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