Gift tax and stamp duty
This query is : Resolved
23 January 2011
Dear friends,
i am making gift to my brother a sum of INR 500,000/-
as i understand, since he is my 'relative' as per the definition, he is not liable to pay income tax.
my query is - do i need to make a gift deed? and secondly - do i need to register it or notary would be enough?
thanks in advance,
amit
i am making gift to my brother a sum of INR 500,000/-
as i understand, since he is my 'relative' as per the definition, he is not liable to pay income tax.
my query is - do i need to make a gift deed? and secondly - do i need to register it or notary would be enough?
thanks in advance,
amit
Prof. Bajaj
(Expert)
25 January 2011
Dear Amit,
You dont need to make a Gift Deed, neither a registration nor a notary.
Just make sure that the gift is given by way of a cheque from your account and you can write on a plain paper that you are gifting this amount to him. Thats it !!
Please feel free to ask if you have any more questions.
You dont need to make a Gift Deed, neither a registration nor a notary.
Just make sure that the gift is given by way of a cheque from your account and you can write on a plain paper that you are gifting this amount to him. Thats it !!
Please feel free to ask if you have any more questions.
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