Menu
gift provision
as i have received a gift of rs 500000 in form of cheque.. from my father...is it taxable in my hands....or is it mandatory to have a gift deed.
Replies (3)
Gift received from relative person is not taxable and relative includes Father. So, Rs.5 Lakhs is not taxable in your hand. It is not mandatory to have a gift deed, but to substantiate the transaction in future to any authority it is recommended to have documental evidence.
do we have to pay stamp duty for that
If it's related to transfer of land or building, then yes. Stamp Duty is governed by other Act, not related to Income Tax Act.
Recent Topics :
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
- Durga Puja 2026 Dates: Mahalaya, Shashthi to Vijay
- Indo-MIM IPO Allotment Date, Status Check and List
- GSTR 1 filed but GSTR 3 B no filed
- ITR FORM FILING REGARDS
- TDS JUSTIFICATION REPORT
Related Topics :
CAclubindia
