I want to receive money from my father through cheque for purchase of a home. Do my father have to make a gift deed and whether that money is taxable for me?
If gift deed if required kindly send me its format.
kranthi kiran (Works In Judicial Department) 08 October 2009
No need for execuitng Gift Deed. To my knowledge, even the recent amdement to I.T.Act does not attract the gifts made to lineal ascedents or descendents and as such the said gift is not taxable.
Vineet (Director) 09 October 2009
No gift deed required for taxation purposes. A simple letter or confirmation will do.
Gift received from your father is not taxable at all in your hand.
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