Person A has get the Gift in form of Cash of Rs. 400,000 from his real brother for purchase the house,
Question : Is Gift Deed is compulsory for this transactions or declaration in plain paper is sufficient as per Income Tax Act ?
Person A has get the Gift in form of Cash of Rs. 400,000 from his real brother for purchase the house,
Question : Is Gift Deed is compulsory for this transactions or declaration in plain paper is sufficient as per Income Tax Act ?
Dear Sunny
Since the amount is a bit huge, gift deed is advisable.
Other suggesstions welcome.
Thanks & Regards
Ravi Dasija
CAclubindia
