Income tax and gift deed

Nikhil S (9 Points)

06 April 2017  

I am salaried person and come in 30% Tax bracket. My sister is unmarried and  does not have any income source. 

 

Is there any Tax implication if I do following :-

a) Transfer 30k from my salary bank account every month to my sister saving  bank account. Do i need to create Gift deed every month for documentation purpose ?

b) Assuming FD is created every month for this 30K in her bank account, Can she still deposit Form 15G in her bank as her total taxable income from Bank FD interest will be lesser than minimum tax slab of 2.5 lakhs.  She would like to deposit 15G so that bank does not deduct 10% TDS as she does/will Not file income Tax return. 

 

Thanks