Hi , Since Gift amount < 50000 is no longer taxable in the hands of donor or donee , what should be the ideal procedure is to avail same , Is any document need to be produce during IT return.
rashmi
4 Replies
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 11 January 2010
only gift deed is required on simple paper in case of movable assets
nicky
(Ca student)
(112 Points)
Replied 11 January 2010
yes Devanshi is right and nothing else ......
Amir
(Learner)
(4016 Points)
Replied 12 January 2010
Dear Rashmi,
I agree with Devanshi, since no document is prescribed by law a simple paper deed will suffice in this case..
C.Balaji
(Learner)
(1867 Points)
Replied 13 January 2010
agree with all.....no document is required just a simple deed will do...
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