regarding gift deed

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This query is : Resolved

SUNIL GUPTA (Querist)

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

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

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.

R.V.RAO

R.V.RAO (Expert)

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

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