As per Income Tax Act gift from "Relatives" is exempeted from Gift Tax. Since gift is always a metter of litigation, it is advisable to keep proper documentation for gift.
Q 1. It is necessary to prepare the gift deed only or any other type of document can be suggested.
Q 2. If gift deed is prepared, is it necessary to get the same registered. Unregistered gift deed will be valid or not.
If there is an immoveable property, then it is mandatory to have a gift deed duly stamped and registered. For moveable property of not large amount/value, gift deed on a stamp paper should suffice.
Does cash gifted also needs registration?
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CAclubindia
