Home |Tax returns filing | As a part of our family property partition..I am not claiming anything from my mother's (passed away) family property..In compensation to this my mother's sister will give me some amount.Say 8 lakhs.Can it be considered as a gift.If so a gift deed is to be made?

As a part of our family property partition..I am not claiming anything from my mother's (passed away) family property..In compensation to this my mother's sister will give me some amount.Say 8 lakhs.Can it be considered as a gift.If so a gift deed is to be made?

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Subin VR, Chartered Accountant,FCA, DISA (ICAI) verified
Answered on May 14,2021

This is simply family settlement amount. Not a gift. Please check this video to know how Gift Tax is applicable in practical life situations.

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