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Significance of gift deed

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(Querist)
07 October 2019 Hi

What is the significance/ requirement of Gift deed, when gift is received from real brother?
In which legal formality will it be required?
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
07 October 2019 Gift deed is mostly executed when the gift involves a real estate property. These kind of gift deeds should be registered to get a clear title.
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krishan

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krishan (Querist)
07 October 2019 if it is about transferred money, what's its importance under income tax?
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CMA SIVAKUMAR A,ACMA.

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CMA SIVAKUMAR A,ACMA. (Expert)
08 October 2019 It is not taxable under IT Act
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
09 October 2019 It's better take gift deed for money received by way of gift.
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