I want to ask one thing that if the person has given cash or property as a gift to his/her relative then do we have to prepare any deed in respect of that.I know that it will be exempt from income tax but i want to know that whether we will prepare any deed or not?
31 March 2014
Since gift tax has been abolished, its only Income tax that can create any problem (if any). You can create a gift deed for authenticity and to prove that actual gift was given if in future any query arises.
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