A gift deed is a vital document that needs to be drafted carefully. All mandatory requirements of creating a Gift deed need to be fulfilled to do a valid deed.
Gift Deed: Drafting, Registration, Stamp duty, Tax Implication and FAQ
Category: Gift Deed
Tax for NRIs on gifts of money and property from resident Indians received through gift deeds
Gifts in India are taxable under the Income Tax Act. Gift can be in cash or kind (moveable or immoveable property and other assets specified under the Act). A resident Indian can make a gift to an NRI through a gift deed, but there is a claim on gifts received by NRI.NRIs are taxed for income […]
Transfer by Gift deed is not taxable
Gifts transactions are not taxable in the hands of the donor. For a donee, the gift deed transfer is taxable, but there are exceptions. Gifts are prevalent among family members or close relatives. It is one way of expressing love and affection. People also make gifts to save taxes as some of the Gift transactions are […]
CAN A GIFT DEED BE CHALLENGED IN INDIA
Yes. A Gift deed being an instrument for transferring the rights in the property can be challenged in India.Gift: A gift is a gratuitous transfer of property by a donor to a donee voluntarily. Gift Deed: A legal document describing the transfer of property. A gift deed is an agreement between the two parties […]
How to Make Gift Deed in Gujarat?
An owner of the property can transfer the same in many ways like Will, Gift or Sale.Among family and friends, the property is usually transferred by way of executing a Gift Deed. The process of Gift deed creation is generally the same in all the States of India. There are certain requirements which are specific to […]