Gift tax
This query is : Resolved
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
06 June 2018
Yes, it's okay with stamp deed of 100. No need of any registration.
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