Tax exemption on gift

Tax queries 100 views 1 replies

v.raj

individual

104 Points Joined September 2016

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)

CA Sunil Kumar

Chartered Accountant

4524 Points Joined July 2014

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.