Gift of money to my daughter

Partha Chattopadhyay (Querist) 15 December 2017 This query is : Resolved
If I want to transfer some money around Rs 2 lakhs to my daughter (married, employed and tax payer) through net banking, whether a gift deed is to be made and if yes, then can it be done after transferring the money?

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Kumar Doab (Expert) 15 December 2017
The gift of money to blood relatives is possible.
The donor may reduce the amount from his/her estate and done may add in his/her estate.
It is better to prepare Gift deed for records.

Kumar Doab (Expert) 15 December 2017
Read at :
http://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=

Your own I.Tax consultant/lawyer/CA can help you.

kavksatyanarayana (Expert) 15 December 2017
For movable it is not necessary. eventhough if want to excute a Gift deed, it requires the stamp duty below of Rs.100/- only. For tax purpose, gift tax shall be paid by the donee as she is a tax payer. However consult local CA/Tax consultant or advocate.

Partha Chattopadhyay (Querist) 15 December 2017
Thanks Mr. Doab & Mr. Satyanarayana for your considered views.

Kumar Doab (Expert) 16 December 2017
Dear LCI Querist

You are welcome.

Dr J C Vashista (Expert) 18 December 2017
What is dispute involved in the query for consideration, forming an opinion and advise by experts on this platform?

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