I Am Sunita . At The time of my marriage my father gifted me some gold and some cash and after marriage he always gifted me some cash on my birthday and on my marriage Anniversary . l utilized that cash to buy a small land . At the time of my marriage and after my marriage , we were not aware about gift deed or my father hadn't registered that gift and hadn't made a gift deed . It is 30 years old story now . now is it possible to register gift deed after so many years . otherwise that property will add into my income and i will have to submit record in front of ITR from where did i get that money while purchasing that property .... suggest me please
20 September 2014
Registration of gift deed of movable property is not mandatory. but even in case of gift of movable properties like cash, gold etc. it is advisable to get the gift deed prepared. But since gift deed is to be prepared on stamp paper it will have to be made in current date only. Alternatively your father may prepare an affidavit to this effect so that the purchase of property by you by utilizing cash and gold received may be proved to IT authorities. Wait for other opinions also.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
20 September 2014
sir , my father age is 90 year . He is so sensitive now . he is ready to make a gift deed for me , but according to you he should make an affidavit . then my question is , suppose after 10 years if my father may be not in a position to speak or to explain due to his health problem ( may god bless him healthy life i dont want to see him in this condition ) then at that time only that affidavit will support me in front of any Income tax authority ?
20 September 2014
sir , my father age is 90 year . He is so sensitive now . he is ready to make a gift deed for me , but according to you he should make an affidavit . then my question is , suppose after 10 years if my father may be not in a position to speak or to explain due to his health problem ( may god bless him healthy life i dont want to see him in this condition ) then at that time only that affidavit will support me in front of any Income tax authority ?