Taxation of Gift

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RAMESHKUMAR (Querist)
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04 November 2020 One of client received rs.10 lakh by bank transfer as a gift from his brother for sacrificing his partition share of mother's own property .
Here his brother get it whole property in full. But he is sacrifice his 50% share. And his brother gifted rs 10lakhs on behalf of the sacrifice portion.

My query is,
1.Taxability of gift received
2.can gift deed needed or not for this,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 November 2020 1 Being gift from relative exempt from tax.
2 No need of gift deed just a letter confirming gift is enough.

RAMESHKUMAR

RAMESHKUMAR (Querist)
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04 November 2020 Thank you very much sir,

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