Gift Received
This query is : Resolved
28 January 2011
Gift to be received from sister (widow) of my father who is living abroad. The money to be gifted to me has been received by her from her son working in abroad, Whether it is feasible and subject to any taxes in India and further is there any ceiling of upper amount. Further what kind of documents are to be obtained.
Guest
Guest
(Expert)
28 January 2011
If it is genuine gift, it will not be taxable.
29 January 2011
Dear Sir, How can we or Income tax Deptt. judge the genuiness of this Gift??
Guest
Guest
(Expert)
29 January 2011
There is no thumb rule but I can assure you that donor and donee knows the genuiness.
29 January 2011
You may obtain a letter from your Aunt showing her willingness to gift the amount.
In the letter, particulars of Gift Chq No/DD No./or other reference, Date, Amount etc may be mentioned.
*
Keep the record i.e. letter as well as cover (envelop)
*
Copy of letter which may show your acceptance and thanks.
*
These things will be helpful in proving the genuineness of the gift.
*
In case desired, copy of Donor and Donee's pass book/ bank statements may also be kept in the record.
In the letter, particulars of Gift Chq No/DD No./or other reference, Date, Amount etc may be mentioned.
*
Keep the record i.e. letter as well as cover (envelop)
*
Copy of letter which may show your acceptance and thanks.
*
These things will be helpful in proving the genuineness of the gift.
*
In case desired, copy of Donor and Donee's pass book/ bank statements may also be kept in the record.
Guest
Guest
(Expert)
29 January 2011
I think Mr. Bafna has given many items
30 January 2011
*
"I Agree with the Expert, Mr. Moondra........"
*
As "There is no thumb rule", that's why illustrative list of possible documents has been given by me.
*
I have neither given any item nor I will give. These are to be obtained by the querist from his Aunt or elsewhere .(Humour)
"I Agree with the Expert, Mr. Moondra........"
*
As "There is no thumb rule", that's why illustrative list of possible documents has been given by me.
*
I have neither given any item nor I will give. These are to be obtained by the querist from his Aunt or elsewhere .(Humour)
31 January 2011
Thank u very much for ur reply, I think above written documents will surely help for proving Genuineness.
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