Gift by married daughter to her father
1 year ago
As per Section 56(2) of Income Tax Act, Gifts given in blood relation is exempt from income tax. If a daughter wants to give Gift of Rs. 20 Lakh to her father, is it possible to share the process (draft of gift deed), amount of stamp duty payable (Donor is in Maharashtra and Donee in MP), where this stamp duty needs to be paid etc
A.A gift within a blood relation is exempted from Income Tax, In the case of a daughter gift to the father a sum of Rs.20 lakh there is no requirement for registration, just prepare a gift deed in Rs.100/- stamp paper is enough for documentary purposes.
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A.Dear Sir,
You may please directly ask the question to the Auditor or Chartered Accountant so that you can get reasonable answer for your question.
You may please directly ask the question to the Auditor or Chartered Accountant so that you can get reasonable answer for your question.
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A.Dear Client,
It is advisable to contact a family law expert in this regard for quicker resolution of your query. Thank you.
It is advisable to contact a family law expert in this regard for quicker resolution of your query. Thank you.
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