Lila (Job) 24 January 2020
I have 2 queries related to gift:
1. A sum of money is gifted by mother to son. Is there any minimum value prescribed for stamp duty to be paid while executing the gift deed or else can the gift deed be made on a simple stamp paper of Rs. 100.
2. Property is being gifted by son to mother, is there any stamp duty payable while doing name transfer. What is the best way (inexpensive) to transfer property from son to mother.
3. If the above two transactions take place at the same time, can they be considered together by IT department and capital gain taxes be levied (considering it to be a sale transaction).
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Roshni (Studwnt) 24 January 2020
1. not prescribed you can do it on 100/- stamp paper
2. same gift deed can be made for this transaction as well
3. IT department cannot consider it as sale, both transaction being documented it cannot assume such. However if it does...still it being gift from relative will be exempt.
Kapadia Pravin 24 January 2020
1. Stamp paper is State Wise and it's different across STATES. Hope the gift sum is in cheque.
2. Similar gift deed may be made. Again Stamp paper and Registration is STATE dependent
3. You have to support the above with documents.