Hi,
My cousin is 45 year old working in UAE. His sister is a married housewife in India.
Cousin wants to gift 15-20 Lakhs to his sister. I think gifts between siblings doesn't attract any tax. However, what is the procedure to do this? Is there any documentation needed?
Also the sister last worked 15-20 years back but has never filed tax returns. So if she gets this gift this financial year, would she need to file returns this year & future years.
> In cross account
What is cross account?
> pYee
What is pYee?
> chq no issues, blood relation.
Yes, I know there is no tax liability.
My question however is about the documentation. Does a gift deed need to be made or something else?
Would she need to file returns this year & future years.
Sir, do you know if all deeds need to be notarised ? gift deed in this case ...
| Originally posted by : Sharath chandra | ||
 |
Sir, do you know if all deeds need to be notarised ? gift deed in this case ... |  |
Yes, I know...
But, In this Notary not required...
Also read again my reply...
It's have a word "Letter"...
It's have words "Future Reference"...
> The amount is big. So, better to prepare a gift deed or (letter) for future reference...
Is there a template of what a gift deed looks like & what needs to be done?
CAclubindia
