Taxation of Gigts
This query is : Resolved
vimal shankhwar
(Querist)
10 February 2011
Please help to answer the below query
-Can anybody transfer the gift money through net banking?
-Can anybody take back some of the gifted money form the beneficiary? Is there implications?
Regards
-Can anybody transfer the gift money through net banking?
-Can anybody take back some of the gifted money form the beneficiary? Is there implications?
Regards
CA PARAS BAFNA
(Expert)
10 February 2011
Yes gift can be given by net banking . But it is better to execute Gift Deed mentioning the facts.
*
In first Case X has given gift to Y.
In second Case Y has given gift to X.
If both are relatives no tax impact.
If Gift is above 50000/- and X and Y are not relative it is going to be taxable.
*
In first Case X has given gift to Y.
In second Case Y has given gift to X.
If both are relatives no tax impact.
If Gift is above 50000/- and X and Y are not relative it is going to be taxable.
Guest
Guest
(Expert)
10 February 2011
Despite net banking gift, gift deed can be executed.
vimal shankhwar
(Querist)
11 February 2011
Many thanks for the answer
Regards
Vimal
Regards
Vimal
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