My client wants to gift around rs. 4-5 lakh to his brother through chq is it advisable to transfer whole amount through one chq or should be given in instalments..??
2 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 02 August 2020
Gift to brother is exempt from tax, as brother is considered as relative as per income tax act.
So, it's doesn't make any difference whether you are paying in one cheque or by way of instalments.
It's advisable to give in one cheque and also prepare Gift deed for same.
So, it's doesn't make any difference whether you are paying in one cheque or by way of instalments.
It's advisable to give in one cheque and also prepare Gift deed for same.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 02 August 2020
@ Mr Vinay Jaindani.,
No... No need. He can give one cheque. As per income tax act gift to relatives is exempt.
You can prepare gift deed...
No... No need. He can give one cheque. As per income tax act gift to relatives is exempt.
You can prepare gift deed...
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