LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

fighter (senior manager)     26 September 2013

Father transferred good amount to my account during marriage

My father has gifted me 10 lakhs rupees during my marriage. He gifted me by transferring money directly to my banking account.

 

The in-laws are saying that this money they have given to my father in cash and since we exploited them they have to give this money to us for the sake of their daughters happiness. 

 

My question is, is the money gift(movable gift) given by transferring the money to banking account should be registered like for immovable property or any other protocol we need to follow for gifting movable property?

 

In my case what objections can be raised?

 

Kindly advise.



Learning

 3 Replies


(Guest)

My question is, is the money gift(movable gift) given by transferring the money to banking account should be registered like for immovable property or any other protocol we need to follow for gifting movable property?

 

Opinion: Any cash as a gift given to you must be in accordance with the gift giver.

To save you from income Tax dept. You have to put the source of such transaction as gift amount from your father (consult your CA)

Here,you can prepare a legal paper of gift transaction along with your father that this amount was gifted by your father for so and so purpose and dully signed by him.Keep it safely.

 

In my case what objections can be raised?

 

Opinion: As stated above.

 

Question only comes as from where these amount came?

How does you claim this amount?

What happened after that transaction?

Do you have such gift proof?

Advocate Ravinder (Advocate/Attorney)     26 September 2013

Any gift whether movable or immovable given to daughter is "Sthreedhana fund" (marraige gift) and the daughter has exclusive right over this property.  There are some high court citations saying that in respect of immovable property registration is not compulsory in respect of streedhana fund.  Follow advice of Sufferrer and make proper documentation.  It is better to buy some immovable property on daughters name nstead of keeping in the Bank. 

T. Kalaiselvan, Advocate (Advocate)     29 September 2013

If the gift deed has a proper proof and that the donor is able to prove the source and maintains a proper account and is able to produce whenever it is required, a worry about the same is unnecessary.  There is no harm in a father gifting son anything which is legal, if the girl's father is demanding that amount and if you can prove it to be an illegal demand, do not worry about their threats 


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register