Insurance policy & 2wheeler

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dilip (Querist)
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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.

Sandeep Dharar

Sandeep Dharar (Expert)
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17 April 2014 Yes it can b treated as gift by relative, hence exempted from tax.

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dilip

dilip (Querist)
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17 April 2014 thanks.. but its done without any gift deed...its ok?

Sandeep Dharar

Sandeep Dharar (Expert)
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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.

dilip

dilip (Querist)
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17 April 2014 how can i get gift deed after 1 to 2 year? any possibility to make in current date?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.

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Sandeep Dharar

Sandeep Dharar (Expert)
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17 April 2014 No, u have to file it in back date. coz all the transactions are through bank.

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dilip

dilip (Querist)
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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

Sandeep Dharar (Expert)
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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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