Monetary Gift from NRI sister to RI sister - documents for IT & Legal compliance

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4 Points Posted on 07 September 2023

My NRI sister wants to gift me (Resident indian) INR 1,00,000/-. Kindly advise what documents will have to be prepared for Legal & Income Tax compliance.

Appreciate your response.

Thanks 

Shveta Kapoor

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On 07 September 2023 at 13:34 Report
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This discussion addresses the documentation required when an NRI sister gifts INR 1,00,000 to her resident Indian sister. Key considerations include resolving exceptions under Section 56(x)(2) of the Income Tax Act. A gift deed, properly written and registered at the registrar's office, is recommended for legal and tax compliance.

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28271 Points Posted on 07 September 2023
Exceptions of sec 56(x) (2) has to be resolved.
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On 07 September 2023 at 21:02
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14 Points Posted on 07 September 2023
Gift deed can be written and get it registered in registrar's office
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On 07 September 2023 at 21:28

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