Whether gift deed of cash on plain paper is valid

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
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

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

Avatar

Querist : Anonymous

Profile Image
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

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.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



CCI Pro
Meet our CAclubindia PRO Members

Follow us
add to google news



Answer Query



Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 12 March 2026
Customer Relationship Executive

TAXLET

Calicut

B.Com

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details