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Author :
Amit
Posted On 06 May 2012 at 17:44
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Hi
I want to take gift (by cheque) from my grandfather.
1: Is gift deed compulsory for this?
2: can cheque be from his firm's cheque or cheque must be from his saving a/c
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Expert :
ajay sethi
Posted On 06 May 2012 at 17:49
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is your grand father willing to give you gift . you can take gift amount by cheque . it is for your grand father to decide how he wants to give gift . no gift deed is necessary
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Expert :
R.K Nanda
Posted On 06 May 2012 at 19:31
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Gift Deed is not needed.
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Expert :
Adv. Bharat Chugh
Posted On 06 May 2012 at 19:46
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No Deed/Document required for said purpose.
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Expert :
A V Vishal
Posted On 06 May 2012 at 22:19
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Is it your paternal or maternal grandparent/s?
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Expert :
A V Vishal
Posted On 06 May 2012 at 22:36
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1: Is gift deed compulsory for this?
Ans.Yes, in order to avoid tax complications it is advisable to prepare a gift deed confirming the gift of cash/cheque.
2: can cheque be from his firm's cheque or cheque must be from his saving a/c.
Ans, Either is okay however the fact must reflect in the gift deed.
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Expert :
Shonee Kapoor
Posted On 07 May 2012 at 09:32
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No gift deed is required in this case.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
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Expert :
Anirudh
Posted On 07 May 2012 at 10:13
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I regard Mr. Vishal as the Authority in this LCI in regard to Income Tax related issues. When he says, with his vast experience, that it is advisable to prepare a gift deed in order to avoid tax complications, I think it does not lie in my mouth to say anything to the contrary.
I will follow the wise advice of Mr.Vishal and have the Gift Deed prepared and executed.
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Expert :
Anil Kulkarni
Posted On 07 May 2012 at 10:31
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I agree with Vishal. A gift deed will be be beneficial for tax purposes. However I feel the cheque should be from the personal account as the gift is from Grandfather and not the firm. The cheque form firm will reflect in its accounts and will not be treated as gift from grandfather but payment from the firm.
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Author :
Amit
Posted On 07 May 2012 at 13:10
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thank you every one for the valuable advise
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Expert :
Rajeev Kumar
Posted On 12 May 2012 at 11:02
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I too agree with vishal for avoiding the tax implications
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