Pratik (TP) (79 Points)
19 May 2012
Gift made in blood relation life father son, brother brother, brother sister, mother son like wise..
query : whether such gift requires execution of gift deed ?
also how to quantify gift received in marriage whether to be taken lumpsum or is there any critieria to calculate the same?
CA. Abhishek K. Pandey
(Manager (Advance))
(901 Points)
Replied 19 May 2012
Under Section 123 of the Transfer of Property Act, a gift of property, which is not registered, is bad in law and cannot pass any title to the donee. Documents should be stamped and registered as required. Mere delivery of possession without a written instrument cannot confer title.
A deed cannot be dispensed with even for a property of small value. Attestation by two witnesses is required. This provision excludes every other mode of transfer and even if the intended donee is put in possession, a gift of property is invalid without a registered instrument.
CA. Abhishek K. Pandey
(Manager (Advance))
(901 Points)
Replied 19 May 2012
| Originally posted by : abcd | ||
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Gift made in blood relation life father son, brother brother, brother sister, mother son like wise.. query : whether such gift requires execution of gift deed ? also how to quantify gift received in marriage whether to be taken lumpsum or is there any critieria to calculate the same? |
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You never mention that in your question. Do you?????
P.S.: Keep CAPS LOCK off.
Pratik
(TP)
(79 Points)
Replied 20 May 2012
| Originally posted by : Abhishek K. Pandey | ||
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Originally posted by : abcd Gift made in blood relation life father son, brother brother, brother sister, mother son like wise.. query : whether such gift requires execution of gift deed ? also how to quantify gift received in marriage whether to be taken lumpsum or is there any critieria to calculate the same? You never mention that in your question. Do you????? P.S.: Keep CAPS LOCK off. |
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so what you should give a comprehensive reply. don't u ????????????????????????
CA. Abhishek K. Pandey
(Manager (Advance))
(901 Points)
Replied 20 May 2012
| Originally posted by : abcd | ||
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Originally posted by : Abhishek K. Pandey Originally posted by : abcd Gift made in blood relation life father son, brother brother, brother sister, mother son like wise.. query : whether such gift requires execution of gift deed ? also how to quantify gift received in marriage whether to be taken lumpsum or is there any critieria to calculate the same? You never mention that in your question. Do you????? P.S.: Keep CAPS LOCK off. so what you should give a comprehensive reply. don't u ???????????????????????? |
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Get some life. Learn how to frame questions.
Its like asking "what is Income Tax" and then expexting someone to deliver you Income Tax Act.
Pratik
(TP)
(79 Points)
Replied 04 August 2012
There's no point in discussing what needs to be asked and in which way.
If one has any in depth knowledge about the topic then one should share the same.
Also first learn to write correct spellings.
Then post replies to queries.
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 04 August 2012
First of all -I beg pardon from both the "AB" for interrupting their "Discussion on Gifts".
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First query generates a reply. A sincere and very lucid reply by Abhishek.
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When Abhishek has given the reply so nicely, abcd should have taken coginisance of the reply in his subsequent query by showing an attitude of being a "well receiver" or could request to further reply
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Abhishek should have avoided the acceptance of " Cash Gifts" in spite of insisting for the Gift of "Immovable Property or otherwise.
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It always happens in the matters related to gifts in families. In families, 80% discussion goes on gifts...may be of any occasion.
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Whether execution of documents is required ?
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On a trivial issue of replying a query, in which the object of gift has been changed from in kind to in cash, we have seen that in CA Club Family it has raised many questions like comprehension or spelling mistakes etc.... what will happen when any dispute will arise in the family related with the amount or object gifted.
(Sabse hoti he galti , Hum Shuddh Hindi Nahi Likh Sakte, Sahi English kya khak likh payenge. Angrez bhi spelling mistake karte hi honge jaise hum Hindi me karte he. English koi "Sanskrit" Jaisi bhasha hey ? Chala lo...Bhai.. Spelling mistake me mat atko.....!!!!!
(Meri ....bhi.... ho to ....Maph... karna)
To avoid such litigations, claims, ambiguity, it is always proper to have documented the gifts. It hardly costs Rs. 500/- ( Please Do not argue. May be deemed for the stamp paper + out of pocket expenses).
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In case of marriage gifts, as per prevailing traditions, gifts are recorded, during or after the marriage. Keep the detailed list ready whenever asked for.
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