gift tax benifit
This query is : Resolved
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.
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
