My mother wishes to gift her brother a sum of money as a gift. I guess the sum would be non taxable as he is a blood relative...? is there any limit on a money gift above which it would be taxed or a limit during a financial year for the reciever ?
I found the format of a gift deed & have it printed on a 100 Rs stamp paper but wish to know where is this deed can be registered... and the process if anyone is familiar. Most people are familiar with gift of property but not of money.
Thank you.
CAclubindia
