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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters Easily )
Contract Easily
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Guidelines for Drafting an Affidavit for Pay Money from the Bank as Proof of Gift
Purpose: An affidavit for paying money from the bank as proof of gift is used to legally declare that a sum of money transferred to a recipient is a voluntary gift without any consideration. It serves as a formal declaration to avoid future disputes or tax-related issues.
Where It Is Used:
When gifting money to a family member or friend.
During financial settlements or inheritance processes.
For tax purposes, to prove the transaction is a gift.
To comply with banking or financial institution requirements.
Common Mistakes to Avoid:
Lack of Clarity: Avoid vague statements. Clearly specify the amount, mode of transfer (e.g., bank transfer, cheque), and the recipient’s details.
Missing Supporting Documents: Attach copies of bank statements, gift deeds, or any supporting proof of transfer.
Incorrect Legal Format: Ensure the affidavit follows the correct legal format with proper attestation by a notary or oath commissioner.
False Statements: Providing incorrect information can lead to legal consequences. Ensure all facts are accurate.
Tax Implications Ignored: Be aware of applicable tax exemptions under the Income Tax Act, especially for gifts exceeding ?50,000 in a financial year.
Following these guidelines ensures a legally valid and clear affidavit, minimizing potential legal challenges.