Gift deed (cash gift to son)
Umesh
(Querist) 20 March 2014
This query is : Resolved
A gifted Rs.50000/- to his son without executing gift deed.
Now A again gifted Rs.50000/- to his son this time by executing gift deed in stamp paper and wants to regularise the earlier gift by mentioning the earlier gift also in the same gift deed.
Can A do so?
What would be the format of Gift Deed in the above case?
Thank you in anticipation.
ajay sethi
(Expert) 20 March 2014
not necessary to execute gift deed if cash is gifted to son .
Umesh
(Querist) 20 March 2014
Ajay sethi jee
Thanks for your reply, but if someone want to execute the same can they do so & what would be the format in the given case.
Kuummaar AS
(Expert) 20 March 2014
A gift deed is a document which transfers the legal title of the property to the donee where the consideration is not monetary but is made in return for love and affection.
Gift by way of cheque or cash is not required to be executed through a gift deed. It can be written on a plain paper also, if somebody is making a gift deed.
Umesh
(Querist) 20 March 2014
Dear Kumar Sir,
My query is not whether it is required to execute or not, but if A wants it to be executed on safe side keeping in mind the documentation for IT /other purposes, then
1. Can he mention the gift given through cheque earlier in the current gift deed &
2. What would be the language of the deed in this regard.
Thanks
Kuummaar AS
(Expert) 20 March 2014
Please go through my earlier reply carefully and you will get the answer of your first question. Who stops you to mention about earlier cheque in the present deed of which there is no requirement otherwise?
Experts need to spend time in drafting deed for you and for which you have to provide detailed facts.
Umesh
(Querist) 21 March 2014
Dear Kumar Sir,
Thanks a lot for your reply.
The detail facts are as under:
Mr.Rakesh Tibrewal gave on 25/12/2013 a cheque for Rs.50000/- to his son Rahul Tibrewal as gift to purchase a car. The above sum is kept by him in his bank account.
On 07/01/14 the son receives again from his father a cheque of Rs.50000/- as gift for the same purpose.
The father purchased a stamp paper on 06/01/14 of Rs.10/- from treasury to execute gift deed mentioning the above two gifts.
Please advise.
Thanking you in anticipation.
Regards,
uttamtibrewal@yahoo.com
(Expert) 22 March 2014
dear Umesh you do not need to have any gift deed in case of gifting cash ... still if you need gift deed draft I need to know some details kindly contact me at uttamtibrewal@yahoo.com
Kuummaar AS
(Expert) 22 March 2014
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Kuummaar AS
(Expert) 22 March 2014
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Kuummaar AS
(Expert) 22 March 2014
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Kuummaar AS
(Expert) 22 March 2014
The earlier three messages have gone due to internet problem. Please ignore.
Dear Umesh,
You may use the following format for Gift Deed:
GIFT DEED
I, _________________ (name of donor), an Indian Resident, S/o _________________ (father’s name), R/o
_____________________ (address),
on _____________day of __________ had made a gift of Rs. ______/- (amount in words) in cash out of love and affection to my son____________ (mention the name),R/o_________________________, which gift was accepted by him, do hereby on this __________day of _______ again make a gift
of Rs. ______/-, which gift was accepted by my son. I on this ______day of _________ hereby again make a gift of Rs. _______ (amount in words) in cash out of love and
affection to my above mentioned son namely____________ (mention the name).
I, confirm that earlier gift in cash was and this gift is being made in cash out of
my own funds standing to the credit of my A/c No.- __________ in
____________(mention the Bank name & address).
I, reiterate that the consideration for both the gifts is the love and affection for my son viz._________ (mention the name) and no other consideration.
I am an Income Tax assessee having PAN no._________and assessed with Income
Tax ward___________ and the above two gifts have been made out of my past savings.
I confirm that both the gifts are irrevocable and I have no claim left whatsoever on the said gifted amounts and my above mentioned son
is free to utilise the same in any manner.
PLACE:
DATED: _______________________
(Donor name)
I confirm that the earlier gift was accepted by me. The present gift,as stated above, is hereby accepted
______________________
(Name of receiver)
Witnesses: 1.
2.
V R SHROFF
(Expert) 23 March 2014
well helped out..
will serve purpose for I Tax ..
But must restrict to one time gift, in a fin yr.
Umesh
(Querist) 23 March 2014
Dear Kumar Sir,
Thanks a lot.
Rajendra K Goyal
(Expert) 23 March 2014
Well advised by the expert Kumar AS, Will serve ITax requirement in case of need.
