14 January 2011
I want to gift some money to my grand daughter (1 year old). Is gift deed required. If yes, can I get the draft of it and on what amount of non judicial stamp paper such draft is to be executed in the state of west bengal.
14 January 2011
Yes gift deed should be made on a Rs. 100/- stamp paper. For format of gift deed visit this link https://www.caclubindia.com/share_files/files_display_search_results.asp?search_txt=gift+deed
I, M.C.Jain s/o Late Sh. D.R.Jain R/o A-8, Ghandi Nagar,Delhi-110032 showeth and do solemnly declare as under: That I have out of natural love affection made an unconditional Gift of RS, 100000/- (Rupees One Lac only) by CHEQUE No. 832203 Dated 07/01/2011 of Canara Bank,, Shahdara, Delhi-110032 out of my Saving Bank Account No. 12325305 to Shri Ramesh Jain S/o Sh. R.L.Jain R/o A 31/4-A, Sadar Bazaar, Delhi-110006. That the aforesaid gift of Rs. 100000/- (Rupees One Lac Only) is made me wholly out of my acquired funds and wholly earned and owned by me and no other person has or over had any rights title or interest and claims whatsoever in the same and any part thereof and that I have since such gift as aforesaid totally divested myself of my said amount 100000/- (Rupees One Lac Only) and I or My legal representatives and or heirs shall have no right, title, interest and claims or demands whatsoever in the or upon the gift or any part thereof. I am an Income Tax Assessee.
DEPONENT ( SHRI M.C.JAIN ) DONOR VERIFICATION ; I, Ramesh Jain s/o Shri R.L.JAIN R/o R/o A 31/4-A, Sadar Bazaar, Delhi-110006 accept the gift.
CAclubindia
