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Sumit Phadnis (Lawyer)     29 September 2011

Gift of money

Dear All,

A wants to gift money by cheque to B whether is it possible?

If yes, whether gift deed is required to be executed? Whether it has to be registered or notarised ? or mere signing by both the parties is sufficient?

Once the amount is transferred, B invested the money in purchase of immovable property. Such property will be sold after few years. Whether capital gains on such sale, has to be paid by B??

Amount involved in the transaction is Rs. 25 Lakhs.

Please throw light on this as soon as possible.

Sumit



Learning

 3 Replies

Nadeem Qureshi (Advocate/ nadeemqureshi1@gmail.com)     29 September 2011

Dear sumit

yes A can gift the money to B in through cheque, and the registered deed is mandatory for that

Sumit Phadnis (Lawyer)     29 September 2011

Thanks.

But I believe the gift deed with respect immovable property can only be registered. The gift deed with respect to Money cannot be registered.

Is it right???

Sajid (Auditor)     30 September 2011

B is the responsible person to pay Capital Gain  (Income Tax) to the department, if he holds the property more than 36 months Long term Capital Gain on his property.
 


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