gift tax benifit
This query is : Resolved
Jiwan singh
(Querist)
02 January 2009
if i want to take benifit of tax saving of gift given to my brother amt.25000/-
what document/evidence should i prepare to produce income tax department.
what document/evidence should i prepare to produce income tax department.
CA Tilak Raj Sharma
(Expert)
02 January 2009
Giving gift will not fgive you any tax benefits. However gift received by you in some cases is exempts. Please refer to sec. 56(2)(vi)
02 January 2009
If the gift is movable property ( eg:- cash) a letter of confirmation is enough as far as the documentation part is concerned to produce, if any, before the IT authorities.
Late CA Sampat Jain
(Expert)
02 January 2009
A GIFT DEED IS TO BE EXECUTED
YOU WILL SAVE ONLY THE TAX ON FUTURE INCOME FROM THE AMOUNT GIFTED
YOU WILL SAVE ONLY THE TAX ON FUTURE INCOME FROM THE AMOUNT GIFTED
02 January 2009
Gift deed is mandatory only in the case of gift of immovable property.
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