Insurance policy & 2wheeler
This query is : Resolved
17 April 2014
Sir,
Father gives insurance policy of 2 lac single premium and vehicle (2wheeler-Activa) of rs. 50K to his daughter after married. It can be considered as a gift or not? policy n 2wheeler both in the name of daughter.
Father gives insurance policy of 2 lac single premium and vehicle (2wheeler-Activa) of rs. 50K to his daughter after married. It can be considered as a gift or not? policy n 2wheeler both in the name of daughter.
Sandeep Dharar
(Expert)
17 April 2014
Yes it can b treated as gift by relative, hence exempted from tax.
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Sandeep Dharar
(Expert)
17 April 2014
No no dear u must form a gift deed. Without it u do not have any evidence of gift. So it is compulsory for Tax purpose.
17 April 2014
how can i get gift deed after 1 to 2 year? any possibility to make in current date?
Nikhil Kaushik
(Expert)
17 April 2014
dilip,
the act doesn't mandate signing of gift deed. as long as proper paper trail can be evidenced, transactions between family, don't create any tax liability anyways.
the act doesn't mandate signing of gift deed. as long as proper paper trail can be evidenced, transactions between family, don't create any tax liability anyways.
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Sandeep Dharar
(Expert)
17 April 2014
No, u have to file it in back date. coz all the transactions are through bank.
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17 April 2014
how can i file in back date? i have no stamp paper of back date? any solution?
Sandeep Dharar
(Expert)
17 April 2014
But expert Nikhil there is a outflow of money of Rs 250K. Do u not think that some evidence for that is required???
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