Dear All,
Suppose Mr. A, Giving Rs. 50000/- to Mr. B ( Brother of Mr. A) as s gift by Cheque,
My question is:-
1) What is the documentry evidence like Gift deed or else ?
Thanks
CA Kanhaiyalal
CA. Kanhaiyalal Gupta (Taxation Incharge) (93 Points)
06 March 2013Dear All,
Suppose Mr. A, Giving Rs. 50000/- to Mr. B ( Brother of Mr. A) as s gift by Cheque,
My question is:-
1) What is the documentry evidence like Gift deed or else ?
Thanks
CA Kanhaiyalal
CA.D.RAGAVAN
(CHARTERED ACCOUNTANTS)
(219 Points)
Replied 06 March 2013
A mere Self Declaration in a Letter form Confirming the Gift will enough.
CA. Kanhaiyalal Gupta
(Taxation Incharge)
(93 Points)
Replied 06 March 2013
Any type of registartion is required for letter or gift deed like notary...
A gift deed is required to be registered in case of gifting immovable else a notarized deed will work.
Source:https://www.indiantaxupdates.com/2013/03/05/gift-deed-meaning-drafting-and-format-to-download/
sandeep s
(director)
(33 Points)
Replied 20 March 2013
Quick question
Will the receiver of gift become liable for tax?
thanks
Mayank
Mihir
(Wealth Manager)
(5293 Points)
Replied 20 March 2013
A simple deed will be sufficient as the amount of gift is not large and also in cheque. The amount received by Mr. B is tax-free.
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