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Gift

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(Querist)
26 April 2013 I am giving a gift of Gold Jewellery worth Rs. 5 Lacs to my sister. is it necessary for us to execute a Gift Deed.
I am asking from tax point of view, whether absence of gift deed would cause any future trouble to my or my sister like scrutiny etc.
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
26 April 2013 Would not lead to any trouble

but taking it through a gift deed makes it more genuine

and also its a documentary evidence

Note : Also Financial statements are to be considered only gift deeds does not make the person capable for gifting
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