Your father can gift you Rs 2 lakhs and transfer funds to you through NEFT to your bank account

2) not necessary to execute gift deed

3) transfer of funds has to be declared by your father in his income tax returns

your father can contact local CA for filing his income tax returns

No need to execute gift deed for electronic transfer of funds in favour of son

Their is no requirement of a gift deed for this transfer.

Regards

Dear sir/mam my father give me 2 lac every year for secure my financial life and all amount transfer to NEFT to my bank account need any gift deed to for such transaction.

Parents can gift any amount of money out of their taxable income to their children without any tax implication on the children. Parents and children falls under the specified list of 'relatives' who are exempt under the Income Tax Act as recipients of gift money.

my father is pensioner and he regular pay his taxes and submit ITR 1 form not mentioning bcoz lack of knowledge.

If your father is an IT assessee then he can very well make a mention in his returns about this gift amount.

he get information form 16 provide by employer and file return itself all are recorded lines transfer money electronically still necessity of gift deed for extra paper work. This is my basic question.

No gift deed is required to be executed separately for this purpose.

Hi,

A gift deed is not mandatory. It is advisable to enter into one merely for documentation purpose, so that if your Assessing Officer questions it, then you can prove that it was a gift. Nevertheless, since the amount is through banking channels from your father to you, it is okay.

In case you want to enter into a gift deed, you can have one signed on a simple plain paper. The format is quite simple.

Regards,

Keerthiga Sharma

M.Com., CA, LL.B