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Tax exemption on gift

Tax queries 205 views 1 replies

In respect of Gifts from a blood relative, tax is not payable in the hands of the receiver.

Someone wants to gift a certain sum to his brother as gift out of natural love and affection.

Is it necessary in this case to make a proper Gift Deed, get it registered etc. or a simple letter to the brother giving the amount as gift will be acceptable.

thanks

Replies (1)
No gift deed required or any documents required in case gift received from relatives in form of money. Gift deed required when gift of immovable property.


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