Gift tax and stamp duty

This query is : Resolved

amit (Querist)
Follow

23 January 2011 Dear friends,

i am making gift to my brother a sum of INR 500,000/-

as i understand, since he is my 'relative' as per the definition, he is not liable to pay income tax.

my query is - do i need to make a gift deed? and secondly - do i need to register it or notary would be enough?

thanks in advance,

amit

Prof. Bajaj

Prof. Bajaj (Expert)
Follow

25 January 2011 Dear Amit,

You dont need to make a Gift Deed, neither a registration nor a notary.

Just make sure that the gift is given by way of a cheque from your account and you can write on a plain paper that you are gifting this amount to him. Thats it !!

Please feel free to ask if you have any more questions.