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If online money received 6 times a year then what id ideal time for Gift deed

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Preti

76 Points Posted on 28 July 2024

Dear Sir/ Madm,

Please consider this use case and help me here -

Son who lives with his parents transfers 1 to 2 Lakh every alternate month to his mother as a gift.

When is the ideal time to create a GIft deed - say March mid as its FY end OR every time he transfer the amount to his mother?
Preparation of Gift deed - should it be notarized or any plain paper and signed by both will do?
Are witness needed for the gift deed? blood relatives or others?

Thanks in advance.

Replies (3)

Quick Summary

This discussion explores the best timing for creating a gift deed when a son regularly gifts money to his mother. It addresses whether to create a deed for each transaction or annually, suggesting an end-of-year approach. The conversation also clarifies that a plain paper deed, signed by both parties and two witnesses (any adults who know both parties), along with bank transaction details, should suffice as proof for tax purposes.