Gift deed in family relationship

[harsha1]

Hi Team,

If I monthly transfer (NEFT) from my account to any other account in own family Relationship like Mother/Father/Brother/Sister , do I need to have Registered (Stamp) gift deed or bank account statement will suffice as gift deed?

Basically wanted to monthly transfer some amount to any family relationship account as cash/movable asset as gift.

As it's on monthly basis how to manage deed document, any guidance would be helpful.

Thank you

 

[pinki]

Hi Team,

If I monthly transfer (NEFT) from my account to any other account in own Blood Relationship like Mother/Father/Brother/Sister , do I need to have Registered (Stamp) gift deed or bank account statement will suffice as gift deed?

Basically wanted to monthly transfer some amount to any blood relationship account as cash/movable asset as gift.

As it's on monthly basis how to manage deed document, any guidance would be helpful.

Thank you

@its_karan . . He can help

 

[DaDarkkNight]

@DaDarkkNight please edit your post as well, I don't want negative vibes thrill here 😄 don't want to hurt anyone

Pardon ? which post, what are you talking about?

 

[its_karan]

If I monthly transfer (NEFT) from my account to any other account in own family Relationship like Mother/Father/Brother/Sister , do I need to have Registered (Stamp) gift deed or bank account statement will suffice as gift deed?

Not needed it is a relative as per definition

I assume you know what gift is and what incomes are clubbed

Avoid gifting between Spouse to spouse in short

 

[sunit123]

Not required...Gift deed is only required to transfer assets.....Gift within blood relation is TAX Free....Clubbing of income provision will be applicable if you transfer to your spouse/children & they invest this money....Any income/interest/capital gain/rent from this invested money will be clubbed with your income....

 

[harsha1]

If I gift transfer amount to my parents, so any income/capital gains/interest generated from this amount will be taxable in my ITR or parents ITR?. I file yearly ITR for parents.

 

[sunit123]

If I gift transfer amount to my parents, so any income/capital gains/interest generated from this amount will be taxable in my ITR or parents ITR?. I file yearly ITR for parents.

Your parents will be taxed...Clubbing of income provision does not apply to parents

 

[ontherocks]

If I gift transfer amount to my parents, so any income/capital gains/interest generated from this amount will be taxable in my ITR or parents ITR?. I file yearly ITR for parents.

Whoever is getting an income from that gifted money will have to pay tax, not the gifter