Gift deed

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harsh kothari (Querist)
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21 August 2012 My grandmother wants to gift me Rs. 2,00,000 by way of cheque. Whether gift deed is necessary? What provisions should be kept in mind.
(My grandmothers entire capital is white.)
Kindly reply asap

harsh kothari

harsh kothari (Querist)
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21 August 2012 Gift deed if necessary should be on stamp paper or normally, please mention relevant sections

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 August 2012 Yes it is better to have a gift deed executed for the Income Tax Purpose. Get it executed on a stamp paper.

harsh kothari

harsh kothari (Querist)
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25 August 2012 how much stamp duty to pay. ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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27 August 2012 You can make the Given even on a Rs 10 / Rs 20 stamp paper. Registration is not necessary.

harsh kothari

harsh kothari (Querist)
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27 August 2012 Sir, i just checked the stamp duty act, in it its given that stamp duty should be 2% of the fair market value of the gift. Is it true?
If yes then it would get very expensive.

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