Gift Tax

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Mahendra Patel (Querist)
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23 April 2011 Hi
Partner of our co is paying sum monthaly amount as gift to his mother from his drawing a/c. gift tax on this transaction is applicable or not. is there any gift deed ie required for this transaction, if yes than please provide me the format of gift deed.

Thanks

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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23 April 2011 SECTION 56(2) WILL NOT APPLY BECAUSE THE SUM IS PAID TO RELATIVE
PREPARING A GIFT DEED WLD BE BETTER

Mahendra Patel

Mahendra Patel (Querist)
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25 April 2011 Thanks sir
can this deed excute on plain paiper or stamp paper is required. if yes than what will be value of stamp Paper?

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