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GIFT

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(Querist)
27 July 2020 Dear Sir,
I paid Rs 10 Lakh money to my brother in FY 2019-20 as a gift whether it is taxable to my brother or not,
What legal record is to be maintained by me if no gift deed is made by us till date.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 July 2020 It's not taxable if payment made through banking channel. Bank statement will be legal record.
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rishabh bhatia

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rishabh bhatia (Querist)
28 July 2020 What if AO said to us that the above payment is not gift and it is a loan, now in that case what document i provide to AO that it is a gift
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 July 2020 Confirmation letter that it's a gift is enough.
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