Gift deed
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 April 2012
I have received 15lakh rupee gift via a cheque from my grandfather.
will there be any tax ?
What should be the gift deed format?
will there be any tax ?
What should be the gift deed format?
14 April 2012
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
So Gift from Grandfather is exempt from tax.
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
So Gift from Grandfather is exempt from tax.
14 April 2012
Check out below link for Gift Deed format--
https://www.caclubindia.com/forum/details.asp?mod_id=106894
https://www.caclubindia.com/forum/details.asp?mod_id=106894
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