gift deed------------------------------

dasd (Querist) 03 July 2008 This query is : Resolved
if a person gifts to his spouse RS 70000/- in cash (as sec 56 says "any sum of money" it means in cash)then whether there is any need to execute gift deed on stamp paper.
it can be done on simple paper

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Srinivas.B.S.S.T (Expert) 03 July 2008
it can be done by way of a letter or receipt

Guest (Expert) 04 July 2008
Problem with writing on simple letter is it can be disputed as antedated, so it is better to do it on Rs.20/- stamp paper. The Document will be unimpeachable.

arunprakaash.m. (Expert) 04 July 2008
As per Income tax no deedis necessary only transacton is material for assessing tax. If you want to go by deed under section 122 and 123 TP act stamp duty is lieved.

Srinivas.B.S.S.T (Expert) 30 July 2008
right said my friend.

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