Gift
B.P. SRIDHAR (ADVOCATE AND TAX LAWS CONSULTANT) (80 Points)
10 February 2017
SIR,
IS GIFT RECEIVED FROM BROTHER'S WIFE IS LEGAL. PL CLARIFY
7 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 10 February 2017
You being an advocate can suggest whether it is legal or not, we know that it is from relative as per IT act, and hence tax-exempt.
B.P. SRIDHAR
(ADVOCATE AND TAX LAWS CONSULTANT)
(80 Points)
Replied 10 February 2017
Sir, cash gift is received by a lady fro m her brother's wife makes any difference. pl clarify
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 10 February 2017
No problem, but make gift deed.
B.P. SRIDHAR
(ADVOCATE AND TAX LAWS CONSULTANT)
(80 Points)
Replied 10 February 2017
thank you very much sir
B.P. SRIDHAR
(ADVOCATE AND TAX LAWS CONSULTANT)
(80 Points)
Replied 13 February 2017
sir should the cash gift deed be surely on stamp paper or white paper? please answer
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 13 February 2017
Refer the state specific stamp act. For IT purpose generally made on 100/- Rs stamp. More important is either 2 witnessess or notarization.
B.P. SRIDHAR
(ADVOCATE AND TAX LAWS CONSULTANT)
(80 Points)
Replied 13 February 2017
thank you very much sir
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