What's the procedure to document gift Deed (cash amount by cheque) which is exceptable practice as per income tax lax act ?
Print a gift deed format on 100 Rs. stamp paper & get it registerd ?
Also, Do i need to pay Stamp Duty (varies as per state) to register Gift Deed?
Is stamp duty needs to be paid as per the gift amount?
for example
Maharashtra state has 6% Stamp Duty, if i have received 10,000 Rs. gift from My Mother & if i register gift deed, Do i need to pay 600 Rs. as Stamp duty ?
Also please share gift deed document sample if any available.
Thanks in Advance
Regards,
Pradip Sodha
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Gift deed procedure
Replies (5)
Gift deed for any immovable or tangible assets?
Or just cash amount by cheque?
cash amount by cheque.
Just simple writing on plain paper of gifting the said amount by cheque (number, drawee bank & date), to the relative out of love and affection, which is accepted by donee with thanks and attested by two witnesses is enough.
No need of stamp paper or registration. In case of any doubt, may notorize it.
Thank you Dhirj sir for prompt reply.
is Notorize document is exceptable by Income Tax ? if in case gift receiver gets query from Income tax.
YES for monetary gifts, not for immovable property!!
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