Urgent Please -- Clarification regarding gift from parents

Gift is given by father throuh Cheque. So there is a proof that it is from her father. So that will serve as great proof. As there is no deed the problem of treating it as gift or loan will arise.But now the legal heir will have all right. So i think legal heir can sign gift deed.

In my opinion also, the legal heir of the deceased can rightly execute the gift deed. And of course the proof of the gift is cheque drawn in the daughter's name from the father's Account.

But this is just an opinion, I did not have legal reference on this.

Regards

Madhumita

Thanks Madhumita & Sathya for posting your reply,

If suppose gift deed is signed now by the legal heir i.e. Mother.

Then will it be valid for income tax purposes. Because the gift amount has not been reflected in the return of relevnt F.Y. (2006-07) although it was tax free. What could be the other implications. Please clarify as i am not aware of the legal procedures.

Can someone post the reply giving some legal reference to this.

Thanks.

I too am not aware of the legal procedures regarding gift.

Anyway if i get something regarding the same, i will keep you informed

U CAN GET TO KNOW ALL ABOUT THE TAXABILITY OF GIFTS IN THIS SMALL FILE BELOW,...AS ATTACHEMNT........................PLS DOWNLOAD

Thanks Mr Ashish,

It is really helpful but does not address my query i suppose.

Regards,