Gift Tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2010 Hello to All,

i just want to know what would be tax implication if a father gift a sum of Rs. 6 lacs to his daugter.
if it is nil then how this process will complied.( procedure to gift his daughter)

CA Sanat Pyne

CA Sanat Pyne (Expert)
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14 August 2010 YES THERE IS NO TAX IMPLICATION
JUST MAKE A DEED OF GIFT.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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14 August 2010 a sample deed is also given .

GIFT OF MONEY TO DAUGHTER

LET IT BE KNOWN TO ALL by this Deed of Gift that I, …………….. S/o…………… R/o……………….. do, hereby, out of natural love and affection and also out of my free will and without any force, compulsion or undue influence, transfer an amount of Rs………….. to my daughter Ms……….. X ……… S/o……….. R/o……………. as he requires money for setting up a small scale industry of ………………………..

IN WITNESS WHEREOF, I have signed this deed of gift on …………

In presence of
Witnesses: Sd/-Donor……….
1……………..
2………………..
________________________________________________________________

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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14 August 2010 AGREED WITH PYNE JI.
DAUGHTER IS COVERED IN RELATIVE DEFINATION HENCE NO TAX IN HAND DAUGTHER.

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