Gift tax
This query is : Resolved
mallika verma
(Querist)
05 June 2018
Dear Sir,
My real Mausi age 88 years out of affection has given me a cheque of rs 15 lakh as gift. as per IT website the brother and sister of either parent can give a gift to the niece or nephew without attracting any gift tax. now
MY QUERY is -
1.do we need to execute a gift deed.
will it be okay to have it on stamp paper of rs 100/-
or will it be necessary to register the gift deed and pay the registration fee/ stamp duty /
plese advise asap as the health of the mausi is not too good.
thanks nd regards
mallika
My real Mausi age 88 years out of affection has given me a cheque of rs 15 lakh as gift. as per IT website the brother and sister of either parent can give a gift to the niece or nephew without attracting any gift tax. now
MY QUERY is -
1.do we need to execute a gift deed.
will it be okay to have it on stamp paper of rs 100/-
or will it be necessary to register the gift deed and pay the registration fee/ stamp duty /
plese advise asap as the health of the mausi is not too good.
thanks nd regards
mallika
CA R SEETHARAMAN
(Expert)
06 June 2018
Yes, it's okay with stamp deed of 100. No need of any registration.
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