Gift deed for income tax
B GKAMATAR (TAX CONSULTANT) (151 Points)
31 December 2020
my daughter and my wife given to me gift by cheque, Gift deed is compulsory for income tax purposes
2 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 31 December 2020
Gift from relatives are fully exempt under IT act
BHARAT KUMAR
(Student CA Final )
(24 Points)
Replied 02 January 2021
If it is by cheque there is no requirement of executing gift deed still you can execute a gift deed on a Rs 100 stamp without notery for your documentation purpose. If gift is in kind like immovable property then there is compulsory to execute proper gift deed with notery.
I faced this problem practically that's why have knowledge about it. Still you can take advice from any CA.
I faced this problem practically that's why have knowledge about it. Still you can take advice from any CA.
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