Gift from blood relative (nri)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2017 Sir,
My Blood relative is a NRI, and I stay in India. Is it possible for a NRI to Gift Money to a Resident Indian. Kindly provide a draft of the Gift Deed.
Thanks & Regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 September 2017 Yes possible to gift without any tax liability.
GIFT DEED
This deed of gift is made on this 24th Day of October 2007 at Bangalore. By Smt. ______________ aged about 74 years permanently residing at ____________________(‘Donor’) In favour of Sri__________S/o _____________ aged about 25 years permanently residing at ___________ (‘Donee’)
1. That this day I _________ ‘the donor’ has gifted a sum of Rs.2,00,000.00 (Rupees Two lakhs only) to ‘Donee’ hereinabove by way of cash as gift.
2. That the said gift was made by me out of my self acquired and self earned income / assets and none of my successors / heirs shall ever dispute or call in question the said gift made by me to the said _________.
3. That the said gift was made by me unconditionally, without any expectation, whatsoever, in return from the said __________.
4. That I shall have no right, title, claim, and interest or demand whatsoever on the said gift in future and the said ___________ shall use the gifted amount in the way he thinks fit for.
5. That I ‘the Donor’ shall have no right over the gifted amount. Further, I also declare that the amount gifted and any accretion thereon shall be the individual property of ________.
6. That I ‘the Donor’ declares that I have made this declaration in sound health and perfect mental condition and this gift is an irrevocable gift.
7. In witness where of Donor and Donee has put their signature to the said deed as a token of their acceptance on the day month and year mentioned first above before the attesting witness.
Witness: 1. Donor.
2.
DONEE ACCEPTANCE I Sri.___________S/o __________ aged about 25 years permanently residing at ________________ hereby confirm that I have accepted the above gift as stated above.

Donee.