Do I need a gift deed?
A gift deed has certain taxation implications. For example:
- The value of all the gifts received by a person during a year is fully exempt, as long as the total of such gifts does not exceed Rs 50,000 in a year
- The gift of any asset made to certain specified relatives, is fully exempt from tax in the hand of the recipient, without any upper limit
- You can gift anything from property to other valuable assets. A gift deed is a valuable estate planning tool and should be used efficiently to reap its full advantage.
Yes! I would like WillEffect’s help to efficiently utilize gift deeds.