Person A has get the Gift in form of Cash of Rs. 400,000 from his real brother for purchase the house,
Question : Is Gift Deed is compulsory for this transactions or declaration in plain paper is sufficient as per Income Tax Act ?
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Gift deed
Replies (1)
Dear Sunny
Since the amount is a bit huge, gift deed is advisable.
Other suggesstions welcome.
Thanks & Regards
Ravi Dasija
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