tax planning through gift

what planning u are seeking through this gift step. I mean this gift will reduce his capital and increase yours.

No document required. Gift could be given without any deed. But sorry it will not lead to any sought of planning.

Regards

Piyush

there is no requirement for such stamp paper .... but if u  want to be on a safer side .... thats not a bad idea ..... just do that for ur safety ..... 

Regards,

Varun Makhija

gift taken by cheque in ur case will b exemt upto Rs. 50,000 from tax

if you want to take a higher amount of gift then it oul d taxable

in case of gift in kind from father it is exempt from tax...:)

and yes there is no requirement for any such deed or stamp paer...as gift tax is no more prevailing in India......now gifts are taxed acc. to the provisons of Income tax act, 1961and this act nowhere provides for any requiremnt of makin any gift deed on  stamop paper...

regards,

Anuraag Sharma

 Gift by father to the daughter [major] will not taxable at any amount whether made in cash or in kind. Gift deed is made just for confirmation of the transaction. it can be made any time after the gift made. In case the case is selected for scrutiny documents like gift deed, copy of bank statement, source of deposits in father account, income tax acknowledgement of the donor, copy of Balance sheet etc to prove his credit worthiness and genuineness of the transactions.

I am putting up a question for discussin. A person created a Huf of his son by gifting moneys through his will. The money received by the HUF  after the death of the testator would be treated as the income  of the new HUF under Income Tax Act. Is true or false? 

 False. There is no question of any income.

But a leading tax practitioner has written in a daily ,  that this gift is taxable  as income under Income Tax Act in the hands of the receipient HUF as it is received by the HUF (not individual), though there is no Gift Tax on it.