Whether any deed is required in respect of gift
This query is : Resolved
mohit singh
(Querist)
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..!!
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
(Expert)
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
(Querist)
31 March 2014
are you sure..??
so,do we have to prapare it in other cases?
so,do we have to prapare it in other cases?
Harsha goyal
(Expert)
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
(Querist)
31 March 2014
Alright.
i got it..!!
thanks brother...:)
i got it..!!
thanks brother...:)
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