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Gift deed is required for transfer of money in blood relation
I have gifted Rs. 10lac to my brother and now I want to know whether gift deed is required or not.
Replies (4)
Yes deed is necessary
Better to have gift deed
While there is no statutory requirement of executing gift deed for gifting money, it is advisable to have one as it will help the recipient to explain the source to the Authorities
For higher amounts, better to have gift deed.
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