Jayesh Sarvaiya (Chartered Accountants) (175 Points)
27 March 2009Gift Received in Cash from Mother or Father for Rs. 50,000/- and above is Taxable of Exempt
CA Abdul Halim Siddiqui
(Partner)
(481 Points)
Replied 27 March 2009
Gift of any amount through relative is not taxable as it is capital receipt.
josh
(IT)
(256 Points)
Replied 27 March 2009
| Originally posted by :halim siddiqui | ||
| " | Gift of any amount through relative is not taxable as it is capital receipt. | " |
Sorry for asking this stupid question , If i get money from my parents as gift , how to get the gift certificate ? who will issue the gift certificate ?
deepak K Gujrati
(CA-practice)
(966 Points)
Replied 27 March 2009
Gift deed is noramally executed by the donor in favour of the donee. Generally following format is used:
: I................(name of the donor,fathers name with address & PAN] confirm that out of natural love and affection I have gifted a sum of Rs .................by ch no ..../dd no......./ cash. The amount has been withdrawn from my sb a/c no..................with ......................(bank name etc)
I am assessed to Income Tax office at ............................ward/range no...............
Name & Address
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 28 March 2009
NOT taxable.
A gift deed will be signed by you , ur parents and witnesses
Anuj
(Associate)
(32 Points)
Replied 31 March 2009
CAclubindia
