Taxble or not

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mahendra (Querist)
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11 July 2019 My 'father in law' make fixed deposit amounting to rs 100000 in name of my wife without any occasion ,is it taxable or not

Deepak Joshi

Deepak Joshi (Expert)
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11 July 2019 As per section 56(2) gift received from relatives exempt from tax.

mahendra

mahendra (Querist)
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11 July 2019 thank you sir for reply .is it mandatory to make gift deed for 100000.

Deepak Joshi

Deepak Joshi (Expert)
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11 July 2019 No in case of cash and cheuqe of any movable property there is no need of gift deed, but in case of immovable property gift deed must be prepared, signed in presence of two witness and get registered otherwise that transfer of title of that immovable propert is not valid.