Taxation of Gigts

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vimal shankhwar (Querist)
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10 February 2011 Please help to answer the below query

-Can anybody transfer the gift money through net banking?

-Can anybody take back some of the gifted money form the beneficiary? Is there implications?

Regards

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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10 February 2011 Yes gift can be given by net banking . But it is better to execute Gift Deed mentioning the facts.

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In first Case X has given gift to Y.
In second Case Y has given gift to X.

If both are relatives no tax impact.
If Gift is above 50000/- and X and Y are not relative it is going to be taxable.

Guest

Guest (Expert)

10 February 2011 Despite net banking gift, gift deed can be executed.

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vimal shankhwar

vimal shankhwar (Querist)
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11 February 2011 Many thanks for the answer

Regards
Vimal