Registration of gift deed

Dhirendra Kumar Jha (BUSINESS ACCOUNTS HEAD) (26 Points)

09 October 2014  

As per Income Tax Act gift from "Relatives" is exempeted from Gift Tax. Since gift is always a metter of litigation, it is advisable to keep proper documentation for gift.

Q 1.  It is necessary to prepare the gift deed only or any other type of document can be suggested.

Q 2.  If gift deed is prepared, is it necessary to get the same registered. Unregistered gift deed will be valid or not.