dear experts ,
i want to gift my brother 1 lacs cash . can i ? or will i have to make a gift deed ?
every year i was gifting to my brother but i never made a gift deed ? will my brother face any problem ? if yes then what should i do now ? should i prepare a declaration of gift deed now ? will this deed support him ? since he is a salaried employee and and he files a itr .
suggest me .
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If i gift cash to my relative ( listed under it department )
Replies (5)
Tell me one thing s he is your own brother or cousin.
If he is your real brother no need to pay tax on such gifts as
Any amount received by relatives is not taxable at all...,
As you have not entered into any deed earlier.. Do one thing... now you give him a confirmation affidavit which will support him on Scrutiny...
yes sir , he is my real brother . sir will i have to notaraized that deed ?
Yes, prepare an affidavit to support this transaction. No tax payable by your brother on receipt.
Notary is not a judgement. Notary is to show the the document is signed by a genuine person.
The vakeel attests saying that the person signed document infront of me.
Even though if the affidavit is not notarised it is not a big deal.
For your safety notarise it.
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