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
Querist :
Anonymous
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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