Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

DEshik   23 November 2022

Transfer to specified family members or gifting to relatives

Respected Experts

I would like to gift equity shares to my brother's daughter and sister's daughter ONLINE. I understand that the receiver of the gift come under my "specified family members". Some Distinguished Experts opined to keep record of relationship regarding gifting.

Can any one tell how to create record for these relations ?



Learning

 1 Replies

LCI Thought Leader Adv Harsh Malhotra (Adv)     23 September 2023

When gifting equity shares to specified family members like your brother's daughter and sister's daughter, it's important to maintain clear and well-documented records of the relationship and the gifting process. Here's how you can create a record for these relations:

1.  Gift Deed: Prepare a gift deed that outlines the details of the gift, including the equity shares being transferred, their value, and the relationship of the recipients to you. The gift deed should be executed on non-judicial stamp paper as per the stamp duty laws of your state. It should be signed by you and the recipients and attested by witnesses.

2.  Relationship Affidavit: Create an affidavit that specifically details the relationship between you and the recipients. The affidavit should be notarized and signed by you, and it can be used as evidence of the familial relationship.

Consult with a legal professional who specializes in Indian family and Tax Laws. We can guide you on the specific requirements and documentation needed in your state to ensure compliance with the law.
 


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register