Case Law Details
Case Name : Kanwar Natwar Singh Vs Directorate Of Enforcement & Anr (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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RE PORTABLE
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 8601 of 2010
ARISING OUT OF
SPECIAL LEAVE PETITION (C) NO. 10553 OF 2008
KANWAR NATWAR SINGH … APPELLANT
VERSUS
DIRECTOR OF ENFORCEMENT & ANR. … RESPONDENTS
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Hi Shireen
A gift received by an individual from his spouse, or from his brother or sister, or from the spouse’s brother or sister, parents, or from any lineal ascendant or descendant of oneself or one’s spouse would normally be fully tax-exempt. Similarly, any gifts of any amount whatsoever received from the spouses of any of these persons would also be completely exempt from income tax.
One can make plain Gift Deed to keep the clarity on paper work.
One can also make the gift deed on 100Re. stamp paper with signature of two witness.This should be done if the gift amount is quite substantial.
As I understand from this website there is no gift tax involved whatever the amount if you get cash gift from a relative. I would like to know what papers are required in case the tax authorities question on the validity of relationship. Please advise.