Cash Gift above Rs 50,000 to Relative
This query is : Resolved
30 November 2019
What is the procedure for providing a cash gift to Brother and Sister above 50,000. I am referring to documentation involved that will be acceptable to tax authorities
CA R SEETHARAMAN
(Expert)
30 November 2019
Cash gift to relative should not be 2 lacs.and more. Have confirmation letter that's enough.
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30 November 2019
thank you Sir. are there any limits if it is a bank transfer from NRE account?
Puja Sharma
(Expert)
30 November 2019
For future reference, if the gift amount is more than Rs. 50,000/-, its better to execute a gift deed. The same should be on stamp paper and notarized.
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CA R SEETHARAMAN
(Expert)
30 November 2019
No limit for NRE transfer. Stamp paper required only for gift of immovable property.
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