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gift deed-----cash rs 70000

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(Querist)
02 July 2008 if a person gifts to his spouse RS 70000/- in cash (as sec 56 says "any sum of money" it means in cash)then whether there is any need to execute gift deed on stamp paper.
it can be done on simple paper
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pushpendra

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pushpendra (Expert)
03 July 2008 It is not mandatory but advisable to execute on Rs. 10/- stampt paper and get notoriesd so that it will be easy to prove the transaction whenever needed .

but this transaction is subject to the provisions of sec. 60 to 64.

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student

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student (Querist)
03 July 2008 if the gifted amt is partially invested by the spouse for purchasing a flat then whether the clubbing provision is applicable.
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mohinder kansal

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mohinder kansal (Expert)
04 July 2008 it is better to execute the gift deed on stamp paper, although it is not required. may be on simple paper signed by donor and accepted by donee.

if flat purchased from the money gifted and income earned same will be clubbed
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