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GIFT TAX
Is stamp duty mandatory for gift deed if given by cheque
Replies (3)
No
Thanks .But what documents should we keep ready as a record & if case is opened in scrutiny
A gift deed on plain paper with reference to the amount of gift paid by cheque (with bank details), relationship with donor and donee, alongwith acceptance of gift by donee, witnessed by any two individuals, relatives/known to both, usually accepted as evidence. For more precaution it may be notorized on 100/- Rupees stamp paper.
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