GST Practitioner & Accounts
15043 Points
Joined March 2014
Yes , You Can Gift money to your granddaughter if amount is more , however, it's always better to prepare or must prepare" Gift deed" from ,"Notary Public" ( Notary Advocate) , as a documentary evidence.
Gift from Grandfather to Granddaughter is also exempt under section 56(2) of the income tax Act 1961.
Contact near by CA he will guide you.