My father wants to gift 5 lacs cash , what should i do ?

Gift from uncle would be taxable , because he is not covered under definition of relative, but gift from father wont be taxable , you should prepared a gift deed for 5L you intend to receive from father

Explanation to S. 56(2)(vii)

“relative” means—

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi);]

It means , we cant take gift from my maternal uncle ... If we take and the property value is more than 50 lacs then who will be responsable to fill  tax for that gift deed ?

transfering money from my father account to our will not be valid ? Is it necessary to make an gift  deed while receiving gift from father ? Is Bank to bank transfer  not the proof ?

You can take the gift, it will just be taxable

If you are not a major then this income will be clubbed in the income of that parent which has higher income. Otherwise the tax implications are on you

Explanation to S.64(1A)

For the purposes of this sub-section, the income of the minor child shall be included,—

(a) where the marriage of his parents subsists, in the income of that parent whose total income (excluding the income includible under this sub-section) is greater ; or

(b) where the marriage of his parents does not subsist, in the income of that parent who maintains the minor child in the previous year,

and where any such income is once included in the total income of either parent, any such income arising in any succeeding year shall not be included in the total income of the other parent, unless the Assessing Officer is satisfied, after giving that parent an opportunity of being heard, that it is necessary so to do.

I'd say its highly recommendatory to have a gift deed. It is a prima facie evidence that gift was given

A Mere bank transfer is just an evidence as to flow of funds

Why specifically asking if the value is above 50Lakhs? (For stamp duty purpose??)

Read the following aswell

S.56(2)(vii)(b)

In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes, shall be chargeable to income-tax under the head “Income from other sources”, namely....................

where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,—

(b) any immovable property,—

(i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;

Gift deed is mandatory for gifting immoveable property. And gift deed has to be stamped and registered. This gift of house from your maternal uncle to you is not taxable.

Cash gift is also not taxable but documenting this transaction will be helpful.

Thanks Mr. Mihir for noticing the error

Uncle is brother of the parent, so not taxable

Will i have to register gift deed  given by father in cash ? Or should i only make an statement on stamp of Rs 100/500/1000 and notarized it ?

 

Originally posted by : Robert
	What if his uncle give the property to his mother and then again gift it to him.

not taxable in hand of mother and also not in hand of that individual.

You can execute gift deed for cash gifted by father on applicable stamp paper no need to register the same.