Gift tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2018 I have taken total 9 lakh from brother through online banking in fy 2017-2018( 2 lakh on 4-april-2017, 2 lakh on 10 may 2017, and 5 lakh on 18-dec-207). All the transaction are through online banking. Then I have returned back 9 lack to my brother through online banking on 1-jan-2018. As per my knowledge all above transaction are non-taxable events( Gift). I and my brother have not made any GIFT deed for the above transactions. Is it compulsory to make GIFT deed for online banking transaction in blood relations to show as gift. If GIFT deed is compulsory, then Can we make one gift deed of all the above transactions now and if yes then how we can make gift deed for backdate online transactions

Expert : Anonymous

Expert : Anonymous (Expert)

07 April 2018 No need to any documents required for the above said details. These transactions like just we deal as loan receive then returned...