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Author Topic: Cash Gift Rs 6.50 Lakhs within relatives.  (Read 495 times)

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Offline Jayasuriyan

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Cash Gift Rs 6.50 Lakhs within relatives.
« on: November 25, 2017, 12:46:58 AM »
Dear Sir,

I am receiving a sum of Rs 6.50 Lakhs from my father's brother's wife by account payee cheque as a GIFT on love & affection.

Please clarify on the following points.

1. As this sum is being paid by father's brother's wife as gift it is not taxable income in my hands. Please confirm.
2. Is there any GIFT DEED to be executed? If so, it is mere Rs 100/- stamp paper will suffice?
3. If Gift Deed is made in Stamp Paper, whether it needs to be registered? please clarify.
4. If it is to be registered in which state donor's nativity state or Donee's residential state?
5. The donor is an NRI & holding American citizenship and not filing any Income Tax Returns in India. But she is giving me a Cash Gift (through Cheque) out of her balance in Indian Bank Account in INR. Is there any tax-ability arise in her hands? or whether she needs to file a IT Return for this FY for this purpose?

Appreciate the legal advice on each point wise.

Thanks & regards,

 

Offline adv.amarnath

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Re: Cash Gift Rs 6.50 Lakhs within relatives.
« Reply #1 on: November 25, 2017, 09:41:18 AM »
1. As this sum is being paid by father's brother's wife as gift it is not taxable income in my hands. Please confirm.

Ans: Confirm from CA/ Tax Lawyer.

2. Is there any GIFT DEED to be executed? If so, it is mere Rs 100/- stamp paper will suffice?
Ans: GIFT DEED is being executed and registered for immovable property but in case of cash gift it will charge high amount

3. If Gift Deed is made in Stamp Paper, whether it needs to be registered? please clarify.
Ans: Not necessary

4. If it is to be registered in which state donor's nativity state or Donee's residential state?
Ans: NA
5. The donor is an NRI & holding American citizenship and not filing any Income Tax Returns in India. But she is giving me a Cash Gift (through Cheque) out of her balance in Indian Bank Account in INR. Is there any tax-ability arise in her hands? or whether she needs to file a IT Return for this FY for this purpose?
Ans: Consult with CA or TAX Lawyer
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

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