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Is promissory note suffice for my wife receiving money from mother.
11-Feb-2023 (In Family Law)
My wife is getting 20 lacs from her mother through cheque. Will A Promissory Note suffice or is a Gift Deed required ? tax implications be also elucidated plz.
Hi
To qualify as a Gift, the money should be received without consideration and should be received in cheque/ draft, etc.) and there should be a Gift Deed executed by the mother to her daughter.
Since your wife is getting money from her mother the monetary gift so received will not be subject to any tax.
You can refer to income tax website link ( http://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=) to know more.
To qualify as a Gift, the money should be received without consideration and should be received in cheque/ draft, etc.) and there should be a Gift Deed executed by the mother to her daughter.
Since your wife is getting money from her mother the monetary gift so received will not be subject to any tax.
You can refer to income tax website link ( http://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=) to know more.
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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