I want to do indirect tax saving by shifting some fund to family members.
My brother is 19yrs old (studying), and i plan to gift him some extra money that he will put in FD.
I have following queries
1. Is gift deed necessary ( I am planning to transfer fund with Net banking)? If yes, how to create gift deed.
2. Is Form 16 H necessary to avoid TDS reduction? Since he does not have any (taxable) income, only income will be through FD
3. What are the implications if he gives back all the money? Will it come under my tax assessment. If yes how to avoid.
Thanks a lot Sir,