Dear Sir / Madam,
I wish to know taxability of cash gift (Rs 10 lacs) given by mother in law to her daugher in law. Mumbai based. How much of stamp paper to be used for preparing gift deed and is there any stamp duty on this transaction.
Kindly revert,
Thanks,
Suraj
Dear Suraj,
cash gift in the above case does not require any gift deed as its in the form of cash. And its in the form of gift between the relatives and will not attaract tax.
Any income arasing from the gifted amount will attaract clubbing provision ie. the income from the said amount will be taxed in the hands of the mother and law.
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