Legal Question in Banking Law in India

One of my best friend has offered me 15crores as a gift! She will be depositing that huge amount as a cheque in my account within a month or so. Both of our bank accounts are in different branches of the same nationalized bank. She is offering this amount to me absolutely as a gift with no liability or whatsoever.

Since she is not a blood relative and only a best friend (yearning for my future welfare and making my dreams come true) and residing in different part of the country, what are the legal consequences (including later enquiry and clarification that may needed in future) for such a deed. She will bedepositing in person her 'gift cheque' while I am with her, what are the precautions or procedure to the same. Whether a 'gift deed' letter should be made at the time of the deposit? If so, what is the format for 'gift deed' document. Should I approach a lawyer along with her before the deed. What documents should I need in hand when inquiry comes from IT or elsewhere.

I will greatly appreciate if some on can give me definite answer.

Thank you.....

Vinayak Raju

India

Asked on 8/26/13, 12:50 pm

3 Answers from Attorneys

J. Radhakrishnan independent Practice
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Better approach a competent tax lawyer in your locality. No use in giving general advice.

your friend can give a simple letter to you mentioning the gift. Since she is a woman, better that letter is attested by two witnesses and a notary public. The gift will attract income tax. Hence the need to have the formalities completed with a competent tax lawyer who is available in the place where the High Court is situate.

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8/26/13, 8:32 pm
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dear client........

In order to get the exact solution kindly contact me at uttamtibrewal@yahoo.com

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8/27/13, 2:39 am
Fca Prashant Chavan Expert Edge LLP
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27.08.2013

Dear Vinayak,

We can assist your friend with the preparation of the Gift Deed and getting it registered. Your friend will have to pay the prevailing Stamp Duty for registering the Gift Deed in your favour.

Regards,

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8/27/13, 6:18 am

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