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RAJASHEKHAR M S   16 September 2016

Gift deed from father and mother to son

Hi

My father and mother want to execute a gift deed to transfer money to me (Their son) through bank cheque of thei own wish out of love and affection. 

1. Do we need gift deed for that?. If so what should be format?. 

2. Does this deed ( if required) should be on plain paper or need to be on stamp paper or need to be notarized as affidavit ?. What is the legal need since it is between parents to Son?. 

3. Form taxation perspective, since there is no tax implication because of boold relation, what whsould be simple format to show proof to IT authorities if required. 

4. Also since both father and mother are gifting different amounts from same (Joinly owned) bank account cheque it is enough to take single cheque for whole amount or should i take two cheques from both seperately for respective accounts?. 

5. In either case is it enough to emtione the total amount in single gift deed between both of them and myself in same letter with details. 

Please answer thse question in oder to enable them to transfer the amount out of their wish and also irrevokable manner once for all and not have any taxation queestion in simple format. 

Thanks

Rajashekhar



Learning

 10 Replies

Kapil Chandna (Lawyer at Supreme Court of India)     16 September 2016

Sir, 

 

No gift deed required. 

 

Warm Regards 

Kapil Chandna Advocate 

9899011450

Kumar Doab (FIN)     16 September 2016

Similar query has been discussed at:

 

https://www.lawyersclubindia.com/forum/Mother-to-daughter-gift-deed-141949.asp

RAJASHEKHAR M S   16 September 2016

Thanks you sir. One more question NO gift deed need both from legal and Tax perspctive or only from tax perspecvtive?. I mean once they do gift is that irrevokable?.

RAJASHEKHAR M S   16 September 2016

Thanks sir. No gift deed need both from Tax and legal perspective?. Is the Gift deed once made irrevocable?.

Ms.Usha Kapoor (CEO)     21 September 2016

DearClient,

 

       Since your PARENTS AND YOU COME WITHIN THE MEANING OF SSPECIFIED RELATIUVES  GIFTS MADE BY U TO EACH OTHER  OR INFAVOUR O FEACH OTHER WOULD BE TOTALLY EXEMPT FROM TAX. But A rEGISTERED  GifT dEED CLEARLY MENTIONING THE  DONORS/yOUR pARENTS  GIFTING AWAY THE  HOUSE PROPERTY/fLAT IN  QUESTION OUT OF THEIR NATURTL  LOVE AND AFFECTION TO YOU AND YOU ACCEPTING TH EGIFT  AS  AN ACKNOWLEDGEMNT   OF LOVE AND AFFECTION FOM YOU SHOULD BE CLEARLY MENTIOND IN TH EGIFT DEED SO A S TO AVOID iNCOME tAX dEPARTMENT HASSLES.

1 Like

RAJASHEKHAR M S   21 September 2016

Thanks you for the advise. The gift is not a immovable property which is registered. the gift is cash in Bank. Hence, my question is is it requiried to wite gift deed at all?. If required can it just be made on plain paper with signtaures of both father and mother and me for amking the gift and acknledging the gift. Why should be registered ?.

Ms.Usha Kapoor (CEO)     21 September 2016

OK! Go Aheead. If you wish to thnk me for the above replyplease click the thank you button  on this forum.

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     22 September 2016

You are asking a question and getting the right reply. Still why you repeat the same question again and again. Money is a negotiable item. It belongs to the bearer. Once the money is transferred to your account,  it belongs to you and it cannot be taken away except with your signature. In certain cases under the income tax laws,income from any asset transferred without consideration will be taxable in the hands of the transferror. It is so in the case of gift to a spouse. I do not know about gift to son. The gift amount received by you will be treated as your income in the year in which it is received for income-tax purposes.

Manoj   12 February 2017

Dear Members, 

After reading all the replies, I still have querry. I have gifted my son,dependent on me, by a cheque which was instantly transferred to his acct. Similarly, I paid for my spouse's premium through a Third Pary Declaration Form where she has authorised me to make online payment. which I did and I got a transaction reference No from my bank as well as ICICI Prulife. Both the proof were submitted to DDO.

However, my DDO, has disallowed both transactions as deductions from my income(pension) and instead deducted TDS. So please enlighten me under which sec of IT am I allowed these exemptions from income.

Further, I also receiveed an SMS from IT Dept 0n 05 Feb 17 stating how much TDS has been deducted for QE 16 and how much cumulative for FY 16-17. For the sake of privacy I am not att the screen shot.

Meanwhile, when I que my DDO, they sent me TDS calculation sheet for QE Dec 16 and cumulative for 16-17 which is almost 100% more than what It Dept sms states. 

So how do I resolve this problem?

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     12 February 2017

The replies here are to a query from Mr. Rajasekhar. Yours is a different query and you should have made a separate post. Anyway I do not know on what basis you claim tax exemption at all. In fact I should ask you back under which section do you claim tax exemption?

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