gift recd.
This query is : Resolved
07 August 2010
i recd. gift from my brother in foreign currancy who is living in america, should i required gift deed in respect of that for income tax purpose or not ( rS. 13 LACS)
CA Sanat Pyne
(Expert)
07 August 2010
it is not mandatory but it is better to make a gift deed.
07 August 2010
Yes you will need a gift deed. The above gift is exempt from tax as it is received from relative.(U/s 56(2)(vii).
07 August 2010
A letter from your brother to you regarding the details of such gift will do the needful, though its not mandatory but its always advisable to be on the safer side.
VINOD ARORA
(Expert)
07 August 2010
gifts received from relative do not attract income tax liability, however to explain the receipt there should be either gift deed or some other written doc.
Murtaza I Bhagat
(Expert)
07 August 2010
agreed, prepare gift deed is good.
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