gopal r naini
March 29, 2014 9:44 am
Should I have to prepare a gift deed for this? Is it not suffice to pay her by cheque?
(In cotinuation of my earlier query)
Dear Gopal, Gift deed is to avoid any future problem from taxation authorities. The gifting from NRI son to parents is tax free for the recipient. No limit is there on gifting amount.
Dear Gopal, it’s in your own interest to prepare a gift deed to avoid any issue later on from income tax authorities.
Does that mean Gift Deed is mandatory ?
Can you please advise whether NRI’s gift of money > 1 lakh to close blood relative ie Father, Mother (Resident Indian) is also taxable for the recipient ?
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