Gift tax???

magnet

Active Member
#1
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????
 

rkkarnani

Well-Known Member
#2
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????
Two matters mentined in your post have no connection at all.
No Gift Tax is levied when gifts is given to or received from Blood Relations.
 

magnet

Active Member
#3
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????
 

diosys

Well-Known Member
#4
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....
 

magnet

Active Member
#5
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
 

magnet

Active Member
#6
Okk can someone let me know....is it necessary to make a deed....

If so plain paper or stamp paper...and if so..registration required??

Also is it necessary to forward all details like pan number of donor or not????

The amount ill b getting is only 80k...with 40-40 each from my mom and sis


Also will that amount be count in income as it will push me from 10% to 20% tax bracket if counted.....and than i seriously need to invest the money to save tax
 

rkkarnani

Well-Known Member
#7
Okk can someone let me know....is it necessary to make a deed....

If so plain paper or stamp paper...and if so..registration required??

Also is it necessary to forward all details like pan number of donor or not????

The amount ill b getting is only 80k...with 40-40 each from my mom and sis


Also will that amount be count in income as it will push me from 10% to 20% tax bracket if counted.....and than i seriously need to invest the money to save tax
A plain paper letter from each with the PAN number of your sis and mom should suffice.
Hv recd. ur PM also. Friend, I am no expert, commenting on the basis of what my Tax consultant had advised me.
You can invest this money so recd. inTax saving instruments.
 

magnet

Active Member
#8
thanks the only stuff i wish to know is whether will itcount in my income to b taxed..or like dividend the amt is tax free
 

INDU1

New Member
#9
dear Magnet

The amount you are receiving is added to your capital and not your income.Hence it will not be added to your income to be taxed for that financial year.

Regards
Indu
 

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