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
CAclubindia
