KJS (NA) (102 Points)
02 July 2018Does gifting money to a parent, from an IT point of view, require a gift deed?
If yes, is the gift deed to be on plain paper or stamp paper (value?)?
Will the money so gifted be added to the income of the parent and attract income tax? Can the money be freely used to buy a property?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(175687 Points)
Replied 02 July 2018
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Does gifting money to a parent, from an IT point of view, require a gift deed? Advisable to record the gift over 100Rs. stamp paper, with the particualrs of cheque or bank transfer and acceptance of gift.
Generally, over Rs. 100/-
Certainly not.
Can the money be freely used to buy a property? Yes, free to utilize as per their wish. |
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Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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