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Is it mandatory to register a gift deed
22-Jan-2023 (In Documentation Law)
A lady in Visakhapatnam wishes to gift her son- in-law Rs 3 lakh by bank transfer. Will this transaction attract gift tax? Also, Is a gift deed required to be made in this case, and if so, is it mandatory to get it registered ? Else, can it just be prepared on say Rs 100 stamp paper? Thanks for the help!
Hi,
This is M.A RAHEEM KHAN , Advocate, From : Hyderabad , @ lawrato.com
There is no need of Registration or prepare any document , But it is Mandatory show the Gift amount in your Income Tax to avoid any future dispute.
This is M.A RAHEEM KHAN , Advocate, From : Hyderabad , @ lawrato.com
There is no need of Registration or prepare any document , But it is Mandatory show the Gift amount in your Income Tax to avoid any future dispute.
Helpful?
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Adv. MA Raheem Khan
Hyderabad | 200+ Answers
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THE GIFT WITH REGARD TO TRANSFER OF IMMOVABLE PROPERTY HAS TO BE REGISTERED
WHEREAS CASH TRANSFER WILL BE SUBJECTED TO MOVABLE PROPERTY, IS NOT AT ALL REQUIRED REGISTRATION, AND WHEREAS YOU CAN OBTAIN AN AFFIDAVIT WITH REGARD TO TRANSFER OF CASH ON 100 RS STAMP PAPER AND SIGNED BY BOTH OF THEM
WHEREAS CASH TRANSFER WILL BE SUBJECTED TO MOVABLE PROPERTY, IS NOT AT ALL REQUIRED REGISTRATION, AND WHEREAS YOU CAN OBTAIN AN AFFIDAVIT WITH REGARD TO TRANSFER OF CASH ON 100 RS STAMP PAPER AND SIGNED BY BOTH OF THEM
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Adv. M Sreenivas Pavan Kumar
Anantapur | 25+ Answers
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