Gift from grandfather
rajes kumar
(Querist) 06 May 2012
This query is : Resolved
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
ajay sethi
(Expert) 06 May 2012
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
R.K Nanda
(Expert) 06 May 2012
Gift Deed is not needed.
Adv.R.P.Chugh
(Expert) 06 May 2012
No Deed/Document required for said purpose.
A V Vishal
(Expert) 06 May 2012
Is it your paternal or maternal grandparent/s?
A V Vishal
(Expert) 06 May 2012
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.
Shonee Kapoor
(Expert) 07 May 2012
No gift deed is required in this case.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Anirudh
(Expert) 07 May 2012
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.
Anil Kulkarni
(Expert) 07 May 2012
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.
rajes kumar
(Querist) 07 May 2012
thank you every one for the valuable advise
Rajeev Kumar
(Expert) 12 May 2012
I too agree with vishal for avoiding the tax implications
