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Gift from my mother
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.
Replies (5)
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.
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.
in both the cases above make a notarized gift deed.
agreed with dhirajlal sir
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
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
thank you and congratulations
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