Gift deed

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

08 June 2012 I have received a gift in cash of Rs. 1,50,000/- from my grandmother (she has no identity or address proof). So, my quetion is that will this gift be taxable? & what will be the stamp duty charges for such gift deed? also, is it necessary to get such gift deed notarised from any advocate, so as to prove such gift transaction in front of any income tax officer or assessing officer? if yes, then what will be the stamp duty charges & the notary charges for such gift deed? PLEASE HELP ME OUT????

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 June 2012 1. This gift is NOT TAXABLE in your hands becuase the same has been received from a relative.

2. Gift deed should be prepared on a Rs. 100 stamp paper.

3. Notary charges are not very high.

Querist : Anonymous

Querist : Anonymous (Querist)

09 June 2012 but is notary of such gift deed is mandatory, for presenting it to assessing officer? and if notary is mandatory then can you please render me an approximate value of such notary charges...As an advocate demands Rs. 1,000/- for notary of such gift deed, is it correct???

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