Whether any deed is required in respect of gift

This query is : Resolved

mohit singh (Querist)
Follow

31 March 2014 Hello experts,

I want to ask one thing that if the person has given cash or property as a gift to his/her relative then do we have to prepare any deed in respect of that.I know that it will be exempt from income tax but i want to know that whether we will prepare any deed or not?

Thank you..!!

Harsha goyal

Harsha goyal (Expert)
Follow

31 March 2014 I don't think there is any need for executing any gift deed. As far as Income tax is concerned gift received from relatives are exempt.

mohit singh

mohit singh (Querist)
Follow

31 March 2014 are you sure..??
so,do we have to prapare it in other cases?

Upgrade to CAclubindia Pro. Subscribe Now!

Harsha goyal

Harsha goyal (Expert)
Follow

31 March 2014 Since gift tax has been abolished, its only Income tax that can create any problem (if any). You can create a gift deed for authenticity and to prove that actual gift was given if in future any query arises.

mohit singh

mohit singh (Querist)
Follow

31 March 2014 Alright.
i got it..!!
thanks brother...:)