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Gift from my mother

22 February 2019

My mother sold property.And she wants to give 40 lakhs cheque to me .Is it necessary to make gift deed to avoid tax issues? pls advice how to proceed.

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (172528 Points)
Replied 22 February 2019

File ITR of your mother and pay any capital gains liability over sale of the property.

Yes, make a notarized gift deed, no need for registration.

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Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 22 February 2019

if any amounts remain over and above the capital gains then that can be freely utilized without restriction. else mother needs to first pay CG tax file return and then she can transfer it to you by way of gift.
in both the cases above make a notarized gift deed.

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 22 February 2019

agreed with dhirajlal sir

2 Like

Priya Kashyap (Student) (7053 Points)
Replied 22 February 2019

the sale of property of your mother will be charged under income from capital gain for the filing of income tax return of your Beloved mother.
and the consideration is he received if you wish to provide it to you as a gift then she must make a gift deed to avoid tax issues under Section 56(2)x