21 September 2022
If my wife’s parents gift her money for down payment for flat purchase, is a gift deed compulsory for income tax purposes? If yes can it be on plain paper or need to be on stamp paper? Money will be transferred using cheques or bank transfer. As a lineal descendant there will be no tax applicable.
21 September 2022
If the transfer is by any banking mode, gift deed is not mandatory. But a confirmation letter or affidavit of the gift transaction would be helpful, in case of any query.
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