When you are to buy a property in your name there is one main hurdle to stop you from making the purchase and that is of money. The finances are very hard to arrange and this is the time when your family may step in a give you the required push by giving you the required money to make the purchase. Generally in a family no one expects you to give back the money but when you are to pay the income tax return you will have to show where the money came from. If you fail to do so the government may take action against you.
Therefore you need to procure a gift letter for buyer from the family member who is donating the money to you or in other words giving you the money as gift with no intention of asking it back.
The contents of the gift letter
The gift letter contains
The certificate stating that the money that is being given to is being given as gift and the donor does not want any repayment of any kind from you
The sum of money being given should be mentioned
The name of the recipient should be clearly mentioned
The name of the donor must be clearly stated
The contact details of the donor must be mentioned
A certificate by the recipient stating that the money has been received along with the account number in which he transfer was made
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