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Gifting of money by parent to adult son/daughter
24-Sep-2023 (In Wills / Trusts Law)
If a parent gifts money to their child, is it mandatory to make a gift deed? Should the deed be registered or franking done? Is there a tax liability for either party?
Dear queerest gift of moveable property including cash or amount does not mandatorily require registration. But it is advisable to execute a gift deed for record and taxation purpose. The gift amount Will be taxed in the hands of.
Regards
Rakesh V.space Misar
Kachwala Misar and company
Advocates and solicitors
Mumbai
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Adv. Rakesh Misar
Mumbai | 200+ Answers
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hello
am advocate Smita Mendhe
it depends on amount
or property it better for u r future
and it is not mandatory for registration of will feed deed u can go through notwry also
notwry documents also valid
it a proff of u r legally hair of yhaythat money for futhrr proceedings u contact me in my office
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Adv. Smita Sachin Mendhe
Nagpur | 50+ Answers
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If you have been receiving Gift from your Parents whose value is more than 100 Rs, then you must execute a Gift Deed with your Parents & get that Gift Deed Registered & pay Stamp Duty on it. In Maharashtra, Stamp Duty on the transfer of Property through Gift Deed amongst the closed Blood Relations is Rs 200.
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Adv. Pankaj Bajaj
Mumbai | 1000+ Answers
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