GIFT
This query is : Resolved
27 July 2020
Dear Sir,
I paid Rs 10 Lakh money to my brother in FY 2019-20 as a gift whether it is taxable to my brother or not,
What legal record is to be maintained by me if no gift deed is made by us till date.
I paid Rs 10 Lakh money to my brother in FY 2019-20 as a gift whether it is taxable to my brother or not,
What legal record is to be maintained by me if no gift deed is made by us till date.
27 July 2020
It's not taxable if payment made through banking channel. Bank statement will be legal record.
28 July 2020
What if AO said to us that the above payment is not gift and it is a loan, now in that case what document i provide to AO that it is a gift
28 July 2020
Confirmation letter that it's a gift is enough.
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