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Gift tax

This query is : Resolved 
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(Querist)
28 September 2020 my sister wants to give me rupees 30 lacs as gift via bank cheque. please advise if any tax will be applicable to either my sister or to me. am I required to execute any document.

this is a case of gift from my real sister
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CA Kushwanth AVSR

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CA Kushwanth AVSR (Expert)
29 September 2020 As per section 56(2)(x) gift from relative is exempt and relative includes sister. So, no tax will be applicable to both you and your sister
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CA PARTH SHAH

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CA PARTH SHAH (Expert)
12 October 2020 Kindly make a Gift deed as now the assessments will be faceless and only a proper documentary evidence will be considered as valid document during assessment
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