Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Gift deed for amount received by DD

264 views

Save Share

anup

trainee

89 Points Posted on 21 July 2020

My mother, 67, who is a housewife, received an amount of Rs. 15 lakhs from her brother by way of DD in January 2020.

Now, while filing IT returns, will I be charged any tax? What if I make a gift deed for the amount? Can I upload it on the website while filing returns? If so, what is the prescribed format for the deed?

Additional info- I, her son, am a State govt employee in Goa. My income is not taxable yet. My father, is an agriculturist.

Your guidance will be appreciated.

Thanks

Replies (4)

Quick Summary

This discussion clarifies tax implications for a housewife receiving a Rs. 15 lakh gift from her brother via Demand Draft. The gift is not taxable in her hands, and she doesn't need to file returns if she has no other taxable income. While a gift deed isn't mandatory for IT filing, it's advisable to keep one with the donor's PAN details for authenticity. There are no tax implications for the son if the money remains with his mother.

SUSHANT BIDAYE

721 Points Posted on 21 July 2020

The amount is received by your mother as gift from her brother. this is not taxable in her hands . If she has no taxable income, she need not file her return of income.

it is advisable to keep gift deed with PAN details of donor. you an get format on internet. it need not be on stamp paper but people generally prefer on stamp paper to look more authentic with notarization.

there are no tax implications for you if the money is with your Mother for her use.