What is the taxation on any gift via cash transfer to a relative?
With respect to the format and execution of the gift deed, it would be advisable to seek separate legal advice
My wife and I transferred ₹22 lakh last year from our savings accounts to the bank account of our grandson, a minor. We plan to transfer a similar amount every year for a couple of years.Will income tax form 26AS capture these transactions. What documents should we produce to prove this if the tax department seeks an explanation, and is there any gift deed format for such transactions?