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Cash Gift above Rs 50,000 to Relatives
I am aware that cash gift to Relatives would be income tax exempt in the hands of donee. however, in order for tax authorities to recognise the transaction as a gift, what documentation should be prepared by donor/donee for the cash gift. Is there a specific procedure to do the transaction?
Replies (3)
Any specific reason for cash ?
It's better Donor deposits into his bank account and then transfer money as gift to a relative Donee
Prepare a gift deed on stamp paper duly notarised. and keep on record .
It's better Donor deposits into his bank account and then transfer money as gift to a relative Donee
Prepare a gift deed on stamp paper duly notarised. and keep on record .
It will be a bank transfer. not hard currency. further, it will be from NRE account to the beneficiary's Current/Savings account in India
Yes Mr. Mani,. Transfer from NRE Account to Donee Account . No in hard currency It's better. 👍
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