10 January 2011
I helped my FRIEND who is a Real Estate broker in getting customers for a new Building project in navi mumbai. Through my fetched customers and link on link from those customers he made a huge success. AND IN RETURN TO MY FAVOR HE WISHES TO GIFT ME A FLAT IN NAVI MUMBAI.
1)IS THIS GIFT TAX FREE 2)IF I TAKE THIS GIFT ON MY MARRIAGE WOULD IT BE TAX FREE 3)IF ANS TO 1&2 IS NO.PLZ GUIDE HOW CAN I SAFE TAX.
11 January 2011
Agree with Mr Pyne, any gift from a non relative in excess of Rs 50k in an assessment year is taxable,
You may show it as a marriage gift and will not be taxable. Please bear in mind to have the gift deed executed in a reasonable time say 1 or 2 months after your wedding to avoid issues in future.
11 January 2011
Hi,please draft a gift deed and make it sure that the wording is such that flat is gifted on the eve of your marriage.Your friend must show the same in his IT returns also.
CAclubindia
