��������Ƶ

A Bank Gift Letter is essential documentation when one party wishes to give a monetary gift to another through the Philippine banking system. This document is commonly used for various purposes, such as educational support, property purchases, or family assistance, and must comply with the Republic Act No. 8791 (General Banking Law) and Anti-Money Laundering Act requirements. The letter typically includes detailed information about the donor and recipient, explicit declaration of the gift's voluntary nature, amount details, source of funds declaration, and relevant tax acknowledgments. It serves as crucial evidence for both banking compliance and tax purposes, particularly in relation to the National Internal Revenue Code's provisions on donor's tax. The document becomes especially important for substantial gifts that might trigger reporting requirements or tax obligations under Philippine law.

1. Letter Date and Bank Details: Current date and receiving bank's complete details

2. Donor Information: Full legal name, address, and contact information of the person giving the gift

3. Recipient Information: Full legal name, address, and contact information of the person receiving the gift

4. Gift Declaration: Clear statement of the gift amount, currency, and confirmation that it is a voluntary, irrevocable gift with no expectation of repayment

5. Source of Funds: Declaration of the legitimate source of the gifted funds (required for anti-money laundering compliance)

6. Transfer Instructions: Specific banking details and instructions for the transfer

7. Relationship Statement: Statement of the relationship between donor and recipient

8. Tax Acknowledgment: Statement acknowledging understanding of any tax implications

9. Signature Block: Space for donor's signature, with name and date