GIFT DEED

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praveen (Querist)
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26 December 2009 Hi

My father,aged 72 years, wants to gift me Rs.1900000(nineteen lacs only)via A/C payee cheque in DELHI.

My father gets this amount after selling a plot,the circle rate value of this plot is Rs.500000(five lacs only).My father purchased this plot about 25 years ago.

Pl. advise me the safe way of getting this amount.

Also guide me whether I should show this amount in my I.T.return.I am a govt. official having monthly income of Rs.35000.

Sunil

Sunil (Expert)
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27 December 2009 Ask your father to make an AFFIDAVIT on appropriate stamp paper applicable for affidavits in Delhi. He has to state his relationship with you on solemn affirmation and he should mention that he has given you the amount as an irrevocable gift.

You should also take a covering letter from him that he is giving you the sum as a gift.

Gift Deed is required on appropriate stamp paper applicable in Delhi for conveyances of immovable property in Delhi only in case he is gifting to you immovable property. If he is gifting other movable property (shares, securities, gold, bullion,ornaments, paintings etc.) a gift deed is required on stamp paper as prescribed by Delhi for movable properties.

Under India Stamp Act, State Governments do not have a right to fix a rate of stamp duty on Bill of Exchange, Cheques, Cash transactions. These can only be fixed by the centre and currently centre has not prescribed any rate for cash and cheques other than Rs.1/- for receipts over Rs.5,000/-. For these items centre fixes rate and state collects revenue as they do on bill of exchange. Therefore, for cheque and cash gift a writing is sufficient. However, affidavit is required for on the spot verification by Assessing officer and it should be made by donor and also confirm his relationship. This is in addition to gift deed for property.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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27 December 2009 If you are married; you should get this amount as gift for your HUF since already you are under tax net.

Regarding gift deed; follow Mr. Sunil's advice.

More tax planning is possible. Better hire the services of an expert as the matter is of certain lacs of rupees.

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