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Exempt gift in cash needs gift deed?

neha (Others) (386 Points)

26 August 2019

for exempt gifts in cash is gift deed needed?...i mean like say father gift money to son via netbanking and tagged as gift, is thta enough or is any other document also needed?

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 26 August 2019

Yeah... That is enough.
But Better to prepare a gift deed.

neha (Others) (386 Points)
Replied 26 August 2019

how is that done?...plain paper with rvenue stamp and sign of person giving the amount is enough?

jay jay (80 Points)
Replied 26 August 2019

if you are giving gift to any person which in blood relation there is no need to explanation.

Kapadia Pravin (17249 Points)
Replied 26 August 2019

if Gift is through net banking ( father to son) no need for any gift deed.
if it's cash gift then it's better to prepare gift deed on keep it on record.

mihir (practicing) (22 Points)
Replied 12 December 2019

sir, is there any case law available which proves the point that cash payment made TO transporter is having limit of 35000/- per transaction. The AO is of the opinion that the limit of 35000 is for the transporters to pay off their own expenditures.