Regarding gifting process
This query is : Resolved
29 April 2017
1. I want to gift my parents around 4lakh on anniversary. Can I gift them through cheque.
Do I have to do any written deed for it? Can they purchase jewellery with it in their name?
2. Can I directly gift them jewellery from cheque from my account. whose name would the jewellery bill should be then?
29 April 2017
1. Yes you can give 4 lakhs rupees and you have to give it by way of Cheque only because on cash receipt of more than 2 lakhs is prohibited and strict penal provisions are there.
Yes, they can do whatever they want to do from cash i.e purchase jewellery or whatever
2 Yes you can directly gift jewellery also, it doe'nt matter on whose name invoice is because ultimately payment is going to be made from your a/c
Yes, they can do whatever they want to do from cash i.e purchase jewellery or whatever
2 Yes you can directly gift jewellery also, it doe'nt matter on whose name invoice is because ultimately payment is going to be made from your a/c
29 April 2017
Thanks.....Do I need to write any gift deed in the Above process?
Can they also purchase mutual fund from the gifted money. Whose tax liability would it be at the time of any profit made at redemption?
29 April 2017
If would be more adequate if you have gift deed for same
If mutual funds are purchased and sold in future then capital gains if any will be taxable in the hands of person to whom gift is made.(i.e, in the hands of your parents)
If mutual funds are purchased and sold in future then capital gains if any will be taxable in the hands of person to whom gift is made.(i.e, in the hands of your parents)
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