Gift to grand father for conducting business

This query is : Resolved

ABDUL RAHMAN CHOUDHARI (Querist)
Follow

28 December 2013 I have gifted cash which is more then 50000, to my grand father he already runs a proprietary business. And will be using the cash for expanding his business activities.
My question is should I prepare a gift deed and will the income which is arised from conducting such business will be clubbed to my income.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

28 December 2013 You should prepare a gift deed and the income will not be clubbed as your grand father is your blood relation. Generally elder gives gift to youngers but you have changed the trend

Message likes : 1 times

ABDUL RAHMAN CHOUDHARI

ABDUL RAHMAN CHOUDHARI (Querist)
Follow

28 December 2013 thanx sir

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

31 December 2013 agreed with the above reply.

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

31 December 2013 yes,however you are gifting cash cash...
you should prepare a gift deed..

A gift deed is a deed, that is executed and delivered in which the donor transfers title to the receiver without any payment or considerations.

It a document which transfer the legal title of the property to the donor, where the consideration is not monetary but is made in return for love and affection.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

31 December 2013 If gift deed is prepared then stamp duty as applicable will be required to be paid.

ABDUL RAHMAN CHOUDHARI

ABDUL RAHMAN CHOUDHARI (Querist)
Follow

31 December 2013 @SAMPAT
Can u give a link regarding the provision or stamp duty

ABDUL RAHMAN CHOUDHARI

ABDUL RAHMAN CHOUDHARI (Querist)
Follow

31 December 2013 @Sampat
Can u provide a link where I can refer the provision relating to payment of stamp duty and the amount thereof

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

31 December 2013 You need to appoint a lawyer in ur state for making gift deed and it depends on the value of gift.

ABDUL RAHMAN CHOUDHARI

ABDUL RAHMAN CHOUDHARI (Querist)
Follow

31 December 2013 Dear,
My value is rs 200000 what can be an approx. Figure of stamp duty

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

03 October 2021 Stamp duty is not applicable, if not registered. Make an affidavit on rs. 100/- stamp paper, both parties signing in consent; that's all.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

DHANASHRI KARMARKAR

CA Aakarsh Jain

Michael & Co.

divakar podaturu

sachingurav

Subscribe Now

Gift to grand father for conducting business

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA