regarding gift deed
This query is : Resolved
19 January 2008
gift inkind received by an imdividual (suppose residential house valued more than 100 lacs) from non relative person whether covered u/s 56 sub para (vi) of the income tax act 1961, if not-
(a) how the documentation be made to avoid registry expenses twice?
(b) what format be used to show the registry with gift deed?
(c) is the assessing officer can taxable this amount in any other provisions of the income tax act 1961?
kindly send your suggestions on my email-id.
my email-id is skg_asso@rediffmail.com
sunil gupta
9312267411
(a) how the documentation be made to avoid registry expenses twice?
(b) what format be used to show the registry with gift deed?
(c) is the assessing officer can taxable this amount in any other provisions of the income tax act 1961?
kindly send your suggestions on my email-id.
my email-id is skg_asso@rediffmail.com
sunil gupta
9312267411
21 January 2008
A gift in kind (that is, not being a sum of money) is not attracted by section 56(2)(v)of Income tax Act.
(a)Why are you saying documentary expenses will be twice?
(b)There is no specified form, but better get it drated with the help of your local advocate well versed in property dealings, because it involves formalities.
(c)The assessing officer can not tax you if it is not falling within the ambit of section 56.
(a)Why are you saying documentary expenses will be twice?
(b)There is no specified form, but better get it drated with the help of your local advocate well versed in property dealings, because it involves formalities.
(c)The assessing officer can not tax you if it is not falling within the ambit of section 56.
21 January 2008
A GIFT IN KIND IS NOT TAXED .ONLY CASH GIFTS SUBJECT TO SEC 56 ARE TAXED.
MODEL GIFT DEED MAY BE DOWNLOADED FROM www.vakilno1.com.but you have to modify as per your specific case and facts.
ON REGISTARTION OF IMMOVABLE PROPERRTY IN THE DONEE'S NAME THE STAMP DUTY AND REGISTRATION EXP. ARE PAYABLE AS PER THE RESPECTIVE STATE LAWS AS PROPERTY IS A STATE SUBJECT.
R.V.RAO
MODEL GIFT DEED MAY BE DOWNLOADED FROM www.vakilno1.com.but you have to modify as per your specific case and facts.
ON REGISTARTION OF IMMOVABLE PROPERRTY IN THE DONEE'S NAME THE STAMP DUTY AND REGISTRATION EXP. ARE PAYABLE AS PER THE RESPECTIVE STATE LAWS AS PROPERTY IS A STATE SUBJECT.
R.V.RAO
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
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Consolidated financials
- 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
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
