Gift Received

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Navdeep Singh (Querist)
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28 January 2011 Gift to be received from sister (widow) of my father who is living abroad. The money to be gifted to me has been received by her from her son working in abroad, Whether it is feasible and subject to any taxes in India and further is there any ceiling of upper amount. Further what kind of documents are to be obtained.

Guest

Guest (Expert)

28 January 2011 If it is genuine gift, it will not be taxable.

Navdeep Singh

Navdeep Singh (Querist)
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29 January 2011 Dear Sir, How can we or Income tax Deptt. judge the genuiness of this Gift??

Guest

Guest (Expert)

29 January 2011 There is no thumb rule but I can assure you that donor and donee knows the genuiness.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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29 January 2011 You may obtain a letter from your Aunt showing her willingness to gift the amount.
In the letter, particulars of Gift Chq No/DD No./or other reference, Date, Amount etc may be mentioned.
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Keep the record i.e. letter as well as cover (envelop)
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Copy of letter which may show your acceptance and thanks.
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These things will be helpful in proving the genuineness of the gift.
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In case desired, copy of Donor and Donee's pass book/ bank statements may also be kept in the record.

Guest

Guest (Expert)

29 January 2011 I think Mr. Bafna has given many items

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 January 2011 *
"I Agree with the Expert, Mr. Moondra........"
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As "There is no thumb rule", that's why illustrative list of possible documents has been given by me.
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I have neither given any item nor I will give. These are to be obtained by the querist from his Aunt or elsewhere .(Humour)

Navdeep Singh

Navdeep Singh (Querist)
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31 January 2011 Thank u very much for ur reply, I think above written documents will surely help for proving Genuineness.

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