Gift Deed for Gift from Husband to Wife
This query is : Resolved
16 August 2024
Sir,
Husband , a Senior Citizen,gifts Fixed Deposit of Rs. 20 lacs by transfer of Fixed Deposit to Wife who is also a Senior Citizen.
Under the premises kindly advise:
A. Whether Gift Deed is necessary?
B. If so it is required to be Registered?
C. Whether income clubbing provision would be applicable unde Income Tax Act?
Thanks & Regards
Husband , a Senior Citizen,gifts Fixed Deposit of Rs. 20 lacs by transfer of Fixed Deposit to Wife who is also a Senior Citizen.
Under the premises kindly advise:
A. Whether Gift Deed is necessary?
B. If so it is required to be Registered?
C. Whether income clubbing provision would be applicable unde Income Tax Act?
Thanks & Regards
16 August 2024
1. Better to make it for any future query.
2. No.
3. Yes.
2. No.
3. Yes.
16 August 2024
Thank You Sir!
As regards clubbing provision, both hUsband and wife are senior citizen that too 80 plus and have more or less same income and tax bracket.
Will clubbing provision still apply?
Thanks & Regards
As regards clubbing provision, both hUsband and wife are senior citizen that too 80 plus and have more or less same income and tax bracket.
Will clubbing provision still apply?
Thanks & Regards
16 August 2024
Yes, clubbing provision is exclusive of above said conditions.
If income rang is same why to go for such gift?
If income rang is same why to go for such gift?
16 August 2024
Sir,
Point taken. However this Gift has arisen to set right the mistake by bank in renewal of FD. In view of the long association and on request did not press for correction as it would have had adverse impact on the career of concerned officer. That's how Gifts arose to set right the books.
Thanks & Regards
Point taken. However this Gift has arisen to set right the mistake by bank in renewal of FD. In view of the long association and on request did not press for correction as it would have had adverse impact on the career of concerned officer. That's how Gifts arose to set right the books.
Thanks & Regards
16 August 2024
Here is a point...
If that transaction could be considered as loan, reversing the transaction would be 'non-gift' and the clubbing provision would not apply.
If that transaction could be considered as loan, reversing the transaction would be 'non-gift' and the clubbing provision would not apply.
16 August 2024
Sir,
Yes that would restore the status.
Thank You so much!
Yes that would restore the status.
Thank You so much!
16 August 2024
You are welcome.........
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