GIFT DEED

registration of a gift deed is necessary,

the stamp duty is a state subject, therefore the existing rate of the state on the valuation of the deed i.e. amount of gift, is chargeable

in addition to stamp duty, there is provision of registration fee also which has to be deposited in the office of sub-registrar for which a receipt is issued.

Gift deed of money is not compulsarily registrable. The gift deed may be notarized after executing the same on a plain white paper or alternatively on a stamp paper of value of Rs.100/-

The gift is not taxable under the Income tax Act or the Gift Act.

Monetry gift deed need not be registered.  The same may be notirised.  As far as Income tax is concerned, any gifts, both moveable and immovable received from blood relations, as specified under the said act is exempt from income tax.