Gift deed for income tax

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TAX CONSULTANT
152 Points Posted on 31 December 2020
my daughter and my wife given to me gift by cheque, Gift deed is compulsory for income tax purposes
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On 31 December 2020 at 15:22 Report
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Gifts received from relatives by cheque are generally exempt from income tax and do not require a formal gift deed. However, you can still create one on a £100 stamp for your own documentation. A gift deed is compulsory if the gift is in kind, such as immovable property, and must be properly notarised.

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Chartered Accountant
24588 Points Posted on 31 December 2020
Gift from relatives are fully exempt under IT act
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On 31 December 2020 at 15:41
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Student CA Final
24 Points Posted on 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.
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On 02 January 2021 at 15:16

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