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Whether gift deed of cash on plain paper is valid

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 November 2018 Assessee has accepted cash gift from his mother and father in FY 15-16 and same has been deposited in Saving account. Now Department is asking for Gift Deed.Whether Gift deed of Cash on plain paper is valid deed and same is accepted by IT Department
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CA Idris M K

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CA Idris M K (Expert)
20 November 2018 No.
Merely recording a statement on plain paper cannot be treated as gift deed.


Note: This is my view, there might be difference of opinion
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 November 2018 What I think, Stamp duty is not required on cash gift , However stamp duty is required on transfer of movable property like jewellery and in case of Immovable property stamp duty plus registry required.
I request other experts to give their opinion
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
21 November 2018 stamp paper not required. get it signed on a plain paper. make sure that the parents are able to explain the source of this cash.
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