Stamp duty on gift

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43 Points Posted on 04 October 2020
If a specified relative(covered under incone tax) want to gift 10 lakhs then the assesse is to required to prepared a gift dees for future reference and pay stamp duty or other options are available?
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On 04 October 2020 at 16:11 Report
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Quick Summary
This discussion clarifies stamp duty implications for gifts in the UK. It confirms that stamp duty typically applies to the gifting of immovable property, not cash or cheque gifts between specified relatives. While a gift deed may be advisable for cash gifts for record-keeping, stamp duty is generally not required for such transactions.

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Tax and Business Consultant
11616 Points Posted on 04 October 2020
Yes, required to prepare Gift deed

There is no stamp duty on Gift of Rs. 10 lakh. Question of Stamp duty arise at time of Giving immovable property as Gift, not in case of Gift in Cash/cheque ect...
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On 04 October 2020 at 16:32
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Tax consultant
5895 Points Posted on 04 October 2020
Yes gift deed is mandatory
and regarding stamp duty it only comes when some one gift a property to another person
btw what is the gift??
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On 04 October 2020 at 17:13
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43 Points Posted on 04 October 2020
Cheque
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On 04 October 2020 at 17:14
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B.Com
136 Points Posted on 04 October 2020
If you want to avoid gift deed compliance you can show it as loan given
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On 04 October 2020 at 17:39
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Tax consultant
5895 Points Posted on 04 October 2020
No need of stamp duty
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On 04 October 2020 at 18:05
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PROPRIETOR
552 Points Posted on 05 October 2020
Declaration ad acceptance of gift amount Acknowledgement is not required stamp duty in case of moveable property gift
1 Reply
On 05 October 2020 at 13:24

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