Gift to brother

Tax planning 776 views 8 replies
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Taxation Incharge
93 Points Joined May 2009

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

 

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On 06 March 2013 at 12:16 Report
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CHARTERED ACCOUNTANTS
219 Points Joined March 2007

A mere Self Declaration in a Letter form Confirming the Gift will enough.

4 Reply
On 06 March 2013 at 12:20
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!..Live to Give..!
16427 Points Joined December 2010

Gift Deed is advisable.......

2 Reply
On 06 March 2013 at 12:22
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Taxation Incharge
93 Points Joined May 2009

Any type of registartion is required for letter or gift deed like notary...

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On 06 March 2013 at 12:45
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articleship
111 Points Joined May 2011
Gift deed prefrable
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On 06 March 2013 at 12:56
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CHARTERED ACCOUNTANTS
219 Points Joined March 2007

A Notarised Deed - Fine 

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On 06 March 2013 at 13:00
Guest

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/

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On 06 March 2013 at 13:27
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director
33 Points Joined April 2012

Quick question

Will the receiver of gift become liable for tax?

thanks

Mayank

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On 20 March 2013 at 01:54
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Wealth Manager
5293 Points Joined December 2008

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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On 20 March 2013 at 07:50


CCI Pro

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