Gift tax query

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Niketd

manager

31 Points Posted on 15 April 2013

Hi All

Our flat is undergoing re-development and we are receiving a sum of Rs 5 lakhs in two cheques of Rs 2.5lakh each. The same i will be receiving as gift of 5 lakhs in two cheques of 2.5 Lakhs each from my mother. I have a education loan to replay and the amout will be a gift out of love and affection. Can anyone please tell me if the gift is exempt from tax, the formt of the deed and if registration of the same is required. I am 32 years olf and my mother is 67 and she is a house wife. Can you please let me know the answer as soon as possible, appreciate the efforts.

Thanks

Replies (2)

Dintakurthi Tirumala

CA FINAL

15994 Points Posted on 15 April 2013

The amount of gift received by you is exempted to gift tax because of gift received from relative. For the format of gift deed better to consult any document writer he will suggest you because of it requires the sources of gift etc... he will guide you proper way of treatment. No need to registration of gift deed but my suggestion is better to make registration because of it will support you in your future for any issues regarding this.

Before that i more thing you should be required to keep in mind. In case of any IT assessments in future any any requirement from the AO then your mother has to answer and show the evidence of sources of gift paid. You are saying your mother is House wife i.e she doesn't have any income then how it will give gift. So for this question you and your mother has to answer and show the evidence of sources of gift. So first decide the way of sources of gift and the same has to be mentioned the Gift deed i will most most help full to you in future.

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