Gift deed

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 Dear Experts,
One of the assessee, who has received a cheque of Rs. 80000/- from his father as a gift. Now please advise me, whether it is necessary to draft a gift deed for the said transaction and it is sufficent to draft it on a plain paper or stamp paper to use is mandatory.

Please clarify.

Amol S Joglekar

Amol S Joglekar (Expert)

05 September 2012 Gift deed as such need not be on paper. But you prepare it on PAPER, it becomes a STAMPABLE document under indian stamp act. Some SMART consultants make a covering letter to do away with this.

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 Whether the affirmation on plain paper by the person making gift is sufficient or not?

Amol S Joglekar

Amol S Joglekar (Expert)

05 September 2012 sufficient for whom? Donor... donee.... or consultant.... or income tax officer. That is very important.

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 for income tax purpose.

Amol S Joglekar

Amol S Joglekar (Expert)

05 September 2012 income tax you can always say that write a letter directly to donor if you (ITO) has any query. As i said, some SMART consultants take a covering letter to that effect from the donor.

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