Gift of sum to mother

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2012 I am a NRI. I have booked one flat in India by payment of 18 lac from my NRE Bank A/c. 25% amount is yet to be paid.But I now want to Get it Regd in name of my mother by showing the sum paid as Gift to her. Balance payment will be done by my mother.
How can I?
What is to be done by me.
shall I write a Gift letter/
Kindly suggest me.

Rakesh

U S Sharma

U S Sharma (Expert)
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20 August 2012 just mention in sale deed that the sum is paid by you and mother in correct ratio and amount, and you have to no more
the registration deed itself would work as gift deed.

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2012 Sir,
Thanks for the reply.
I as well as my mother are filing IT return.The amount of gift Rs 18 lac is to be shown in both the balance sheets for the Prev yr 2012-13, as we have not passed any entry of gift till date before it?

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Taxguy

Taxguy (Expert)
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22 August 2012 You can show in BS and also in ITR return as exempt income under Schedule EI.

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2012 My builder was contacted to write the line that 18 Lacs has been paid by Son and the balance by Mother. But they are not ready to make any change in the Standard Sale Deed format. they will write all the amount Chq details in the Deed.
Shall I prepare a Gift letter and hand over to my mother for filing the Tax Return?

Rakesh