Hi,
My father, who is a govt. pentioner has offered to gift an amount of Rs. 7 Lac to me in two installments during the year 2013 out of his self earned savings to help me to meet the cost of acquiring a flat booked by me. My questions are :-
1. Whether the amount of gift can be transferred by my father in my savings A/C thru RTGS or is a cheque mandatory for such transaction?
2. Whether the offer of gift in the form of a letter from my father on a plain paper and its acceptance by me in reply thereto on a plain paper would be acceptable/admissible?
a) If not, what further paper work like execution of a gift deed on a non-judicial stamp paper of Rs. 50 or Rs. 100 would be necessary?
b) Can the procedure (asked in point a) be carried out after making the transaction or does it need to happen before the money transfer?
3. Lastly, since I would be getting the money in two installments, do we need to have the paperwork also 2 times or would the one time paperwork suffice?
Thanks!
CAclubindia
