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gift tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 April 2010 My wife recd a gift from her father for Rs. 10,00,000.00 , Both are I.T. assesse,the above amount was transfer from bank accounts ,since the above is tax exempted , what are the documents that i have to produce to the I.T. dept. if asked for
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
27 April 2010 SINCE THE AMOUNT INVOLVED IS HUGE IT WOULD BE IN THE BETTER INTEREST TO EXECUTE A GIFT DEED. APART FROM THAT YOU CAN SHOW THE AMOUNT RECEIVED THROUGH YOUR BANK ACCOUNT STATEMENT.
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Querist : Anonymous

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Querist : Anonymous (Querist)
27 April 2010 can the gift deed made after the payment is made.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
27 April 2010 yes gift deed should be made.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
27 April 2010 prepare a gift deed on a simple paper..... and mention the date of transfer as gift deed date
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