Procedure for giving gift by Grandparents to Grandchildren

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  1. sir /madam(1) my mother want to gift jwellary to my daughter married (dadi to potti) about 300gm what formality to be done what should be kept in mind
    2 my known person want to be gift car to my son how he can do and what willbe incometax apllicability my son doing PG in AIIMS can he take depriciation of that car
     
  2. rudrabose

    rudrabose Active Member

    1. Your mother can execute a gift deed in favor of your daughter mentioning the gift to be given.
    2. Yes, your son can claim depreciation on the Car. However, the benefit of depreciation would be there if he has some income.
     
  3. gift deed of jwellary need to register or not gift deed of car also need to register or not
     
    Last edited: Jan 10, 2015
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