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..??
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Tax Implication- Gift to Family Member
Replies (2)
Quick Summary
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.
@ 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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