Gifts from Maternal Side
This query is : Resolved
14 June 2008
MY MATERNAL GRAND FATHER WANTS TO GIFT ME A CERTAIN X AMOUNT. CURRENTLY HE IS HOLDING THE AMOUNT IN THE BANK FIXED DEPOSIT, WHICH STATES HIS NAME FIRST, SECOND MY NAME. HE HAS ALSO MADE A WILL THAT THESE AMOUNTS SHOULD BE GIVEN TO ME. IS THERE ANY THING WHICH CAN BE DONE TO SECURE THIS MORE FROM ANY FURTHER CLAIMING BY HIS OWN SON ?
HE HAS ALSO SIGNED LETTER STATING THIS THESE ALL SHOULD BE CONSIDERED AS GIFTS FROM MY SIDE AND NO ONE HAS ANY CLAIM OR RIGHT ON THIS.
ALTHOUGH I HAVE ALSO MADE A GIFT DEED OF THE SAME TOO. BUT I FEEL THAT THIS IS CONTRARY, AS CURRENTLY THE AMOUNTS ARE NOT GIFTED, IT WILL BE AS PER THE WILL. SO DOES THE GIFT DEED STANDS VOID ? IS MAKING THE GIFT DEED ALSO WISE ?
MY QUESTION IS : IS THERE ANY MORE DOCUMENTATION REQUIRED RATHER THAN A WILL ?
IS THIS MUCH EVIDENCE ENOUGH IN MY FAVOUR TO GET THE DEPOSITS AFTER HIS DEMISE ?
I LOOK FORWARD TO YOUR EXPERT REPLY.
HE HAS ALSO SIGNED LETTER STATING THIS THESE ALL SHOULD BE CONSIDERED AS GIFTS FROM MY SIDE AND NO ONE HAS ANY CLAIM OR RIGHT ON THIS.
ALTHOUGH I HAVE ALSO MADE A GIFT DEED OF THE SAME TOO. BUT I FEEL THAT THIS IS CONTRARY, AS CURRENTLY THE AMOUNTS ARE NOT GIFTED, IT WILL BE AS PER THE WILL. SO DOES THE GIFT DEED STANDS VOID ? IS MAKING THE GIFT DEED ALSO WISE ?
MY QUESTION IS : IS THERE ANY MORE DOCUMENTATION REQUIRED RATHER THAN A WILL ?
IS THIS MUCH EVIDENCE ENOUGH IN MY FAVOUR TO GET THE DEPOSITS AFTER HIS DEMISE ?
I LOOK FORWARD TO YOUR EXPERT REPLY.
02 October 2008
1. If it is gifted, then the grand father looses claim over this and you become the owner with immediate effect. For this a gift deed is necessary.
2. On the other hand if the granpa wants to retain control till he is alive and wishes it to be given to you after his life time, then he can write a will accordingly, duly witness it and register it and hand over to the bank as executor. This is a secured method. But the problem is the writer of the will can change his mind and make aother will in which case the latest one will prevail over.
The choice your grandpa's!
2. On the other hand if the granpa wants to retain control till he is alive and wishes it to be given to you after his life time, then he can write a will accordingly, duly witness it and register it and hand over to the bank as executor. This is a secured method. But the problem is the writer of the will can change his mind and make aother will in which case the latest one will prevail over.
The choice your grandpa's!
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Type of Capital Gain
- Booth for sales promotion
- Exiting partner in partnership firm in gst portal
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- ITR-Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
