Udgam Koomar (Tax Technologist) (1949 Points)
29 March 2017If I want to gift some money to by specified relative like real brother, say by bank transfer, Can I just send an email to him or make a gift deed decleration in plain paper regards this OR I have to use stamp paper, get it notarized and registered later for tax issues etc?
CA Anil Jain
(Chartered Accountant)
(105 Points)
Replied 29 March 2017
Tax department don't ask for gift deeds for gifts made in blood relations. However, if it does, or you want to be safe, just get a gift deed printed on a green paper and get it signed. Its a sufficient proof for gift. Also, Gift deed on stamp paper can be taken, if you think that the person giving you as gift may show the same as an asset or may demand it back in future..
CAclubindia
