gift tax benifit

This query is : Resolved

Jiwan singh (Querist)
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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.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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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)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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

Late CA Sampat Jain (Expert)
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02 January 2009 A GIFT DEED IS TO BE EXECUTED

YOU WILL SAVE ONLY THE TAX ON FUTURE INCOME FROM THE AMOUNT GIFTED

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 January 2009 Gift deed is mandatory only in the case of gift of immovable property.

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