Stamp Duty Charges on Monetory Gift to My Daughter

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Ashok Tare (Querist)
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03 March 2020 Dear Sir,
I am from Maharashtra. Could you please guide me on the Stamp Duty to be paid on a Monetory Gift Deed I give to my daughter. Could you send Format of Monetory Gift Deed?Do I have to register the Deed with Govt.? Where to Register?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 March 2020 No stamp duty need to be paid on monetary gift. It can be on plain paper. However use a Rupees 5/ 10 stamp paper to indicate the date.

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 March 2020 No need of any registration. Have signed by witness.

Ashok Tare

Ashok Tare (Querist)
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05 March 2020 Thanks for your Guidance. The IT department will not require the documentary proof from the Donee?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 March 2020 You can show bank statement. Cash gift of 2 lacs and more not allowed.

Spurto Consultancy Services

Spurto Consultancy Services (Expert)
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05 March 2020 You can execute a gift deed on stamp paper of Rs. 5 or 10 as available.
For future purposes, you can get the deed Notarized and keep with yourself. Mention the mode of gift in the deed cash or cheque.
Cash gift should be less than Rs. 2,00,000 .

Ashok Tare

Ashok Tare (Querist)
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07 March 2020 You have mentioned Cash Gift of More than 2 lacs is not allowed. My gift will be much more than 2 lacs , which will not be in Cash but will be by Online Bank Transfer from my Ac to her Ac. In such a case, what is the procedure? Is it allowed? Is there any Stamp Duty? Could you please provide the format of Gift Deed.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 March 2020 In such a case bank transfer allowed without limits. No stamp duty applicable in this case. Stamp duty applicable only in case of gift of immovable property.

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