Gifts from relatives

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2013 first
-----
I have made gift of Rs 2Lakhs in year to my son in financial year ending 31.3.13.But not
made any gift affidavit.Can I make gift
Affidavit now.Is it compulsory. Or writing
a simple letter of making gift to my son
will serve the purpose.If gift affidavit
is compulsory should it be also notorised.

Second
------
I intend to make gift from my HUF to my son
Will it be treated as gifts received from relatives under income tax.

Third
-----
Is there any expiry period for non judicial
stamp paper, if yes than what is that period

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 August 2013 First-
------
A simple letter will serve the purpose. Still it is advisable to make a formal gift deed as that will serve the purpose for both of you.
.
Second-
-------
Your son is also a member of your HUF. In case of HUF every member is a relative of HUF. Gift of a reasonable amount can be given to the members still ambiguity of partial partition of HUF remains there. A better way is to provide share in the income of HUF to the Son. That is exempt U/s 10(2).
.
Third
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Six months.

http://www.lawyersclubindia.com/experts/Validity-period-of-non-judicial-stamp-papers-395406.asp#.UhmyYzEwc54

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2013 Thank you Sri CA Paras Bafna for your prompt
and useful advice.But my two querry is still
pending.

First
Can I make Gift Affidavit now for the gift
that I made during financial year ending
31.3.2013 ?

Second
Under Which Act and section does time limit of
six months
for expiry of non judicial stamp paper has
been prescribed?

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

26 August 2013 Yes you can make gift deed now also by citing the historical facts.
.
From Department of Registration & Stamp Duty, Govt of Maharashtra's web site-

As per the provisions of Section 52-B, the stamps which are purchased and not used within six months shall be rendered invalid thereafter. The stamps purchased and not used for intended purpose are entitled for refund after deduction of certain charges, if lodged for refund within six months from the date of purchase and on fulfilling the conditions stipulated in Chapter V of the Bombay Stamp Act, 1958.

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