Gift deed paperwork

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Father is gifting money to his children exceeding amount of INR 50000 in a financial year.is this gift taxable? Will this require gift deed? If yes, is gift deed required on stamp paper? Father is in Haryana. 

Want to make sure to have correct documents for tax filling next year.

Replies (2)
Hey, gifts received from relatives are not taxable.

It will be better if you get a gift deed made on a Rs.10 stamp paper as proof.
Exceptions of sec 56(2)((x)
this can be made.

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