Gift Deed Required?

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138 Points Posted on 27 July 2020
Father gift to Son Rs. 20 Lakhs in Account. Any gift Deed required?
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On 27 July 2020 at 11:12 Report
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When a father gifts his son Rs 20 Lakhs, a gift deed is advisable. While not strictly mandatory for the transaction itself, it's good practice to document the gift. This deed should be signed by both parties on stamp paper, with PAN details included. The value of the stamp paper isn't restricted, but using a denomination between Rs 100 to Rs 500 is recommended for a sum like Rs 20 Lakhs.

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Tax and Business Consultant
11616 Points Posted on 27 July 2020
It is advisable to keep gift deed with PAN details of donor/donee duly signed by both the party on stamp paper.
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On 27 July 2020 at 11:41
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138 Points Posted on 27 July 2020
Rs.10 Stamp paper
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On 27 July 2020 at 12:11
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Tax and Business Consultant
11616 Points Posted on 09 August 2020
There is no restriction regarding value of stamp paper.
But it's better to be on reasonable value
like...in you case you case use 100 to 500 stamp paper.
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On 09 August 2020 at 16:18

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