Whether any deed is required in respect of gift

This query is : Resolved

mohit singh (Querist)
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31 March 2014 Hello experts,

I want to ask one thing that if the person has given cash or property as a gift to his/her relative then do we have to prepare any deed in respect of that.I know that it will be exempt from income tax but i want to know that whether we will prepare any deed or not?

Thank you..!!

Harsha goyal

Harsha goyal (Expert)
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31 March 2014 I don't think there is any need for executing any gift deed. As far as Income tax is concerned gift received from relatives are exempt.

mohit singh

mohit singh (Querist)
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31 March 2014 are you sure..??
so,do we have to prapare it in other cases?

Harsha goyal

Harsha goyal (Expert)
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31 March 2014 Since gift tax has been abolished, its only Income tax that can create any problem (if any). You can create a gift deed for authenticity and to prove that actual gift was given if in future any query arises.

mohit singh

mohit singh (Querist)
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31 March 2014 Alright.
i got it..!!
thanks brother...:)

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