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Partha Chattopadhyay   23 May 2017

Gift to daughter

Whether gift deed is a must if I transfer some money around 5 lakhs from my SB A/C to my daughter's account so that she won't have to face any tax issues? Instead of such deed whether a gift letter mailed to her will do?


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 10 Replies

Law Aspire (Legal)     23 May 2017

The registration of gift deed is mandatory. 

chandrasekkhar (EX-SI)     23 May 2017

Sir, When she will face issues, if her interest amount exceeds the limit prescribed by IT/bank authorities. I don't think if she has 5 lks she has to pay tax. But bank authy will deduct TDS if interest exceeds 10,000 p.a.for which she has to submit form 15 in advance (by 15th april every year). So that no tax will be deducted by bank. Another thing, you are transferring the amount from you account, means its already tax paid amount. No one asks why such amount tfrd from one account to another. Yeah, if u submit amount in cash, then problem arises.(writing from india). Another general suggestion is transfer amount in September month, thus, IT counts iterest only for 6 months.(Sept.to march 31st) Needless to say, less impact on interest will be there for taxpayers.

chandrasekkhar (EX-SI)     23 May 2017

Sir, When she will face issues, if her interest amount exceeds the limit prescribed by IT/bank authorities. I don't think if she has 5 lks she has to pay tax. But bank authy will deduct TDS if interest exceeds 10,000 p.a.for which she has to submit form 15 in advance (by 15th april every year). So that no tax will be deducted by bank. Another thing, you are transferring the amount from you account, means its already tax paid amount. No one asks why such amount tfrd from one account to another. Yeah, if u submit amount in cash, then problem arises.(writing from india). Another general suggestion is transfer amount in September month, thus, IT counts iterest only for 6 months.(Sept.to march 31st) Needless to say, less impact on interest will be there for taxpayers.

chandrasekkhar (EX-SI)     23 May 2017

Sir, When she will face issues, if her interest amount exceeds the limit prescribed by IT/bank authorities. I don't think if she has 5 lks she has to pay tax. But bank authy will deduct TDS if interest exceeds 10,000 p.a.for which she has to submit form 15 in advance (by 15th april every year). So that no tax will be deducted by bank. Another thing, you are transferring the amount from you account, means its already tax paid amount. No one asks why such amount tfrd from one account to another. Yeah, if u submit amount in cash, then problem arises.(writing from india). Another general suggestion is transfer amount in September month, thus, IT counts iterest only for 6 months.(Sept.to march 31st) Needless to say, less impact on interest will be there for taxpayers.

chandrasekkhar (EX-SI)     23 May 2017

Sir, When she will face issues, if her interest amount exceeds the limit prescribed by IT/bank authorities. I don't think if she has 5 lks she has to pay tax. But bank authy will deduct TDS if interest exceeds 10,000 p.a.for which she has to submit form 15 in advance (by 15th april every year). So that no tax will be deducted by bank. Another thing, you are transferring the amount from you account, means its already tax paid amount. No one asks why such amount tfrd from one account to another. Yeah, if u submit amount in cash, then problem arises.(writing from india). Another general suggestion is transfer amount in September month, thus, IT counts iterest only for 6 months.(Sept.to march 31st) Needless to say, less impact on interest will be there for taxpayers.

Kumar Doab (FIN)     23 May 2017

Proper narration of gift on paper with signature of Donor,Donee, may suffice…………. 2 witnesses is better.

Stamp/registration may not be  necessary.

Kumar Doab (FIN)     23 May 2017

Your own I Tax Lawyer,CA can help you.

Kumar Doab (FIN)     23 May 2017

You can also post such query at another website of LCI:

https://play.google.com/store/apps/details?id=com.interactivemedia.caclubindia

Partha Chattopadhyay   24 May 2017

Thanks a lot to everybody for clearing my doubts and apprehensions.

Law Aspire (Legal)     24 May 2017

Registration is mandatory

in case of will it is optional 


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