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| Discuss Gift tax??? at the Taxation Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; well my sis wants to close her account in one bank....she isnt happy with their ... |
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#1
3rd April 2008, 10:05 PM
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Gift tax???
well my sis wants to close her account in one bank....she isnt happy with their service.....And she is planning to gift me the amt present within the acct ..approximately 75k....whats the tax implication on it????
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#2
4th April 2008, 09:29 AM
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Re: Gift tax???
Quote:
No Gift Tax is levied when gifts is given to or received from Blood Relations.
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#3
4th April 2008, 10:19 AM
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Re: Gift tax???
hmm..u mean to say any amount can be given by my sis and no tax can be applied on it???
IF so whats the procedure..do we need to right some gift deed or on some stamp paper????
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#4
9th April 2008, 10:31 AM
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Re: Gift tax???
nope...only a simple letter from your sister that she is gifting this amount to you out of natural love and affection....
better would be to take this amount through a cheque....
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#5
10th April 2008, 09:58 PM
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Re: Gift tax???
ofcourse via cheque ill take......will remove some liabilities......
But again want to make sure i wont be tax on that amount else she will drop her plan..lol her condition.lolz
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