Gift tax issue
This query is : Resolved
sumit chawla
(Querist)
20 August 2012
is it mandatory to make a gift deed ..incase one is accepting gift from his parents on b'day in cash and amt is Rs 40000
CA CS Amit S. Kedia
(Expert)
20 August 2012
Gift deed is not required for income tax purpose.
It is required for legal purpose only
It is required for legal purpose only
sumit chawla
(Querist)
20 August 2012
tks sir..even though amt exceeds Rs 50000 and in cash .. then also it is not necessary
Message likes :
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CA CS Amit S. Kedia
(Expert)
20 August 2012
It is not required but it should always be remembered that the person is making the gift from the legitimate sources.
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