19 April 2013
Please refer Sec 56(v)where any sum of money exceeding Rs.50000/- is received without consideration by an Individual or HUF from any person the whole of such some is chargeable to Tax, except in cases of Gifts from Relatives. So in case of Gift Deed the following things are recorded. Name of the Donor Name of the Donee Whether the Donor is a Relative Gift in cash/ cheque / property Date of Transaction Witness etc
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