Taxation of Gift
This query is : Resolved
Quick Summary
RAMESHKUMAR
(Querist)
04 November 2020
One of client received rs.10 lakh by bank transfer as a gift from his brother for sacrificing his partition share of mother's own property .
Here his brother get it whole property in full. But he is sacrifice his 50% share. And his brother gifted rs 10lakhs on behalf of the sacrifice portion.
My query is,
1.Taxability of gift received
2.can gift deed needed or not for this,
Here his brother get it whole property in full. But he is sacrifice his 50% share. And his brother gifted rs 10lakhs on behalf of the sacrifice portion.
My query is,
1.Taxability of gift received
2.can gift deed needed or not for this,
CA R SEETHARAMAN
(Expert)
04 November 2020
1 Being gift from relative exempt from tax.
2 No need of gift deed just a letter confirming gift is enough.
2 No need of gift deed just a letter confirming gift is enough.
RAMESHKUMAR
(Querist)
04 November 2020
Thank you very much sir,
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