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Your money: A Will is better than gifting when passing on assets

Gift deed's language is closely scrutinised by the I-T dept, leading to problems for the receiver

Maneet Puri 

If a critically ill person wants to pass on his assets to someone, a will is a better option than gifting. The receiver can face problems if the gift deed’s or affidavit’s language does not comply with the provisions of the Income-Tax (I-T) Act. Taxation of gifts According to the provisions of Section 56(2)(vii) of the Income-Tax Act, any gift above Rs 50,000 is taxable as income from other sources in the hands of the individual receiver. However, receipt of gift on certain occasions is not considered as income from other sources: If received from close ...

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