Gift from NRI son from their previous earned indian income
If an NRI son gifts / transfers an amount to his father's bank account by cheque or online from his previously earned & saved income in India, what format has to be used for GIFT DEED, since Gift from relative is Tax free.
Asked 3 years ago in Income Tax from Mumbai, Maharashtra
A gift deed is an agreement used when a person wishes to gift his asset (property or money) to someone. It is the transfer of certain existing (not future) moveable or immoveable property made voluntarily and without any consideration from one person (called ‘donor’) to another (called ‘donee’). As per law, the title in a property cannot be delivered without a written instrument even when its value is small. Therefore, such deed is important to obtain and execute .
As per my view there is no defined format of gift deed in case of a gift by son to his father. But as per section 22 of Transfer of Property Act, a gift deed shall have the following essential elements:
Transfer of Property
No consideration (as it is just a gift)
Acceptance by the done
Thus a person can make a gift deed based on the above elements in it and shall be accepted by a donee.
There is no specific format of the Gift deed . Only the requirement is that those detail and information are required to reflect the lucid transaction of gift should be stated candidly and without any ambiguity . After that the deed should support the actual transaction .
CA, New Delhi Area, India
Only a Declaration from son should suffice even on a plain paper.
Gift deed is not a mandatory document but only supporting document. You can approach any CA nereby and get his help in drafting the deed.
There is no specific format. The NRI can just exchange correspondence mentioning his intention to gift the amounts to his relatives.
There is no specific format for gift deed.
CA, New Delhi
As there is no need for any gift deed. And if you wish so it will be in very simple format.