Gifts from relatives
Querist : Anonymous
-----
I have made gift of Rs 2Lakhs in year to my son in financial year ending 31.3.13.But not
made any gift affidavit.Can I make gift
Affidavit now.Is it compulsory. Or writing
a simple letter of making gift to my son
will serve the purpose.If gift affidavit
is compulsory should it be also notorised.
Second
------
I intend to make gift from my HUF to my son
Will it be treated as gifts received from relatives under income tax.
Third
-----
Is there any expiry period for non judicial
stamp paper, if yes than what is that period
------
A simple letter will serve the purpose. Still it is advisable to make a formal gift deed as that will serve the purpose for both of you.
.
Second-
-------
Your son is also a member of your HUF. In case of HUF every member is a relative of HUF. Gift of a reasonable amount can be given to the members still ambiguity of partial partition of HUF remains there. A better way is to provide share in the income of HUF to the Son. That is exempt U/s 10(2).
.
Third
----------
Six months.
https://www.lawyersclubindia.com/experts/Validity-period-of-non-judicial-stamp-papers-395406.asp#.UhmyYzEwc54
Querist : Anonymous
and useful advice.But my two querry is still
pending.
First
Can I make Gift Affidavit now for the gift
that I made during financial year ending
31.3.2013 ?
Second
Under Which Act and section does time limit of
six months
for expiry of non judicial stamp paper has
been prescribed?
.
From Department of Registration & Stamp Duty, Govt of Maharashtra's web site-
As per the provisions of Section 52-B, the stamps which are purchased and not used within six months shall be rendered invalid thereafter. The stamps purchased and not used for intended purpose are entitled for refund after deduction of certain charges, if lodged for refund within six months from the date of purchase and on fulfilling the conditions stipulated in Chapter V of the Bombay Stamp Act, 1958.
Click here to login now
Similar Resolved Queries
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
