04 December 2010
IF MOTHER GIFTS RS 10000/- TO MAJOR DAUGHTER THEN WIL CLUBBING PROVISION BE APPLICABLE? GIFT DEED REQD? SINCE AMT IS NOT HUGE WHETHER POSSIBLE TO EXECUTE GIFT DEED ON PLAIN PAPER [I.E. WITHOUT STAMP PAPER B/C I READ SOMEWHERE THT NO STAMP PAPER IS REQD FOR EXEXUTION OF GIFT DEED]?
04 December 2010
Personal gift to the extent of Rs. 50000/- is not a income, so it is not taxable. No document is required to gift Rs. 10000/- to daughter.
CAclubindia
