Gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 September 2010 I want to take gift of rs 6lakh from my fatherin law to start jewellery business.whether any tax implication?whether any record formality?
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
09 September 2010 AS FATHER IN LAW IS UNDER RELATIVE NOTHING WILL BE TAXABLE.
IT IS BETTER TO MAKE A GIFT DEED.
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 September 2010 whether gift deed is to be prepared on plain paper or stamp paper?is stamp paper then how much amount of stamp paper?
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 September 2010 gift on stamp paper or not
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
10 September 2010 A plain paper will also be sufficient.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
10 September 2010 in my opinion it is better to prepare the deed on stamp paper.

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