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Gift received from relative in cheque

csmedha (Company Secretary) (91 Points)

06 May 2016

Dear Members.

Greetings!

Requested to share your professional views, if gift in form of money received via cheque amounting to Rs.1,00,000/- from relative (brother), if gift deed is to be executed, what should be the value of stamp paper on which gift deed should be executed if amount received is upto Rs.1,00,000/-.

Look forward for your revert!

Thanks

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6 Replies

ARUL PRADEEP (ARTICLE ASSISSTANT) (175 Points)
Replied 06 May 2016

No Deed need to be prepared for Exchange of Money.

And It is Fully Exempted from Tax if You recieve it from your Brother..

Santhosh Kumar M S (TAX CONSULTANT) (82 Points)
Replied 06 May 2016

Different states have different stamp duties in Karnataka its Rs.1000 if with in the family menber and Rs.500/- for registration and 5% of market value and 1% Registration fee if its other tahn family member

Santhosh Kumar M S (TAX CONSULTANT) (82 Points)
Replied 06 May 2016

gift deed has to be Prepered ITO will ask for it If the file comes for scrutiny

csmedha (Company Secretary) (91 Points)
Replied 06 May 2016

Sir,

In this case, what procedure to be followed in Delhi?

Santhosh Kumar M S (TAX CONSULTANT) (82 Points)
Replied 06 May 2016

In Delhi

Stamp duty and transfer duty @ 4% if the donee is a woman and @ 6% if the donee is a man. Registration fee is 1% of the total value+Rs.100/- pasting charges.