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NRI Gift of Money to a Relative (Gift Deed and Declaration)

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GIFT DEED AND DECLARATION

(Gift of money by an NRI to a relative in India)

BETWEEN

__________, __________, presently residing at __________, __________, holding passport number __________, PAN __________ ("the Donor"),

AND

1. THE GIFT

1.2 The Donee accepts the Gift.

2. HOW THE MONEY IS SENT

2.2 The Donor confirms that the money comes from the Donor's own lawful funds, that the Donor is free to give it, and that it is being sent through banking channels only.

3. NO RETURN EXPECTED

3.1 The Gift is made freely. It is not a loan, not a payment for any service or property, and not a deposit or an investment. The Donee does not have to repay it or give anything in return.

3.2 The Gift is final. The Donor will not ask for it back, and the Donee may use it as the Donee wishes.

4. TAX AND BANK RULES

4.1 The Parties understand that how a gift of this kind is treated for income tax, and what the Foreign Exchange Management Act, 1999 and the Reserve Bank of India require for money coming into India from abroad, are as the current law and rules provide.

4.2 Each Party is responsible for their own tax position. Each Party will keep this document and the bank's remittance records, and will give them to the bank or the tax authorities if asked.

5. DECLARATION

5.1 The Donor declares that the details in this document are true, that nothing material has been hidden, and that the Donor has read this document, or had it read out and explained, and understands it.

5.2 The Donee declares that the Donee has received, or will receive, the Gift as a gift and not as a loan.

IN WITNESS WHEREOF the Parties have signed this document at the place and on the date written above.

THE DONOR

_________________
__________

THE DONEE

WITNESSES

1. _________________ Name and address:

2. _________________ Name and address:

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