GIFT Tax
Gift Tax is abolished in 1998, no tax liability involved whenever person makes or receive gift.This is irrrespective om amount of value involved.
For the purpose of Gift the following ingrediants are required to be
satisfied.
There has to be a tranefer / transfer should be without considerataion/ there must be voluntary donor and donee/ donor should be a person competent to make gift .
Sample Gift Deed
I,______________ resident at ___________________________ this ______________
day of _________________________________ conveyed and transferred by way of gift the property more particularly described in the schedule hereunder written to______________
__________________________ resident at __________________(the donee).The gift is made to him/her out of natural love and affection for him/her to hold the same unto the Donee
absolutely forever.I have delivered possession of the said property to the said donee which he/she has accepted.
The value of the property gifted is estimated to be Rs.________.
In witness whereof I and the donee have signed this deed on the day and year hrerinabove written.
Schedule of Property: Description of item gifted.
Signature - Donor
I accept the above gift.
Signatere - Donee
Check out the stamp duty provisions of respective states.
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