Documents needed for gifting
This query is : Resolved
30 June 2009
Dear All,
I just want to know that when a wife transferos cash/cheque to his husband whether it can be treated as gift or not? If yes than what are the documents needed for it ?
I just want to know that when a wife transferos cash/cheque to his husband whether it can be treated as gift or not? If yes than what are the documents needed for it ?
M Prabhakar Menon
(Expert)
30 June 2009
If the transfer is for no consideration other than her natural love and affection as s spouse its a gift.Please refer to the provisions of sections 56 and 57 of the Income Tax Act also.For immovable properties a registered document is necessary in any other case a simple letter or by delivery the transfer takes place.
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