Gift Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 August 2010
Hello to All,
i just want to know what would be tax implication if a father gift a sum of Rs. 6 lacs to his daugter.
if it is nil then how this process will complied.( procedure to gift his daughter)
i just want to know what would be tax implication if a father gift a sum of Rs. 6 lacs to his daugter.
if it is nil then how this process will complied.( procedure to gift his daughter)
14 August 2010
YES THERE IS NO TAX IMPLICATION
JUST MAKE A DEED OF GIFT.
JUST MAKE A DEED OF GIFT.
14 August 2010
a sample deed is also given .
GIFT OF MONEY TO DAUGHTER
LET IT BE KNOWN TO ALL by this Deed of Gift that I, …………….. S/o…………… R/o……………….. do, hereby, out of natural love and affection and also out of my free will and without any force, compulsion or undue influence, transfer an amount of Rs………….. to my daughter Ms……….. X ……… S/o……….. R/o……………. as he requires money for setting up a small scale industry of ………………………..
IN WITNESS WHEREOF, I have signed this deed of gift on …………
In presence of
Witnesses: Sd/-Donor……….
1……………..
2………………..
________________________________________________________________
GIFT OF MONEY TO DAUGHTER
LET IT BE KNOWN TO ALL by this Deed of Gift that I, …………….. S/o…………… R/o……………….. do, hereby, out of natural love and affection and also out of my free will and without any force, compulsion or undue influence, transfer an amount of Rs………….. to my daughter Ms……….. X ……… S/o……….. R/o……………. as he requires money for setting up a small scale industry of ………………………..
IN WITNESS WHEREOF, I have signed this deed of gift on …………
In presence of
Witnesses: Sd/-Donor……….
1……………..
2………………..
________________________________________________________________
14 August 2010
AGREED WITH PYNE JI.
DAUGHTER IS COVERED IN RELATIVE DEFINATION HENCE NO TAX IN HAND DAUGTHER.
DAUGHTER IS COVERED IN RELATIVE DEFINATION HENCE NO TAX IN HAND DAUGTHER.
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