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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.
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