Dear Experts,
1. Is there any kind of Compusion to Execute Gift Deed on Transfer of Money from Father to Son?
2. If yes, then is there any kind of Stamp Duty payable in Rajasthan?
Kindly Reply ASAP
Thank You
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Compulsion of gift deed
Replies (2)
Yes for the pupose of ITO inquiry and you can use Re.1 revenue tickets for the purpose
It is better to write a gift letter from father to son. Thereunder also make an acknowledgement for receipt of gift money it amounts to acceptance. Such acceptance must be made by the donee during the lifetime of the donor. Deliver the gift money along with the instrument (letter) written.
As suggested by Mr. Mack, you may affix revenue stamp of appropriate value on receipt of gift money.
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