Gifts
This query is : Resolved
08 November 2010
Is it necessary to have gift deeds executed between two parties (donor and donee) on stamp paper? Or can it be executed on normal paper too. Also is it compulsory to add a witnesses for the same? Does this applies to gift given to HUF A/C. Thanks in advance!
08 November 2010
It is preferred to be on a Rs. 100/- stamp paper. No witness required. Requirement same for all.
08 November 2010
Execution of gift deed is not obligatory but it is better to have a gift deed in place on a stamp paper between a donor and donee duly signed by both. It is also better to have signature of witness. It will be useful for the purpose of Income Tax scrutiny.
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