GIFT DEED

praveen (Querist) 15 March 2010 This query is : Resolved
My father wants to gift Rs. 400000(four lacs only)to my wife VIA account payee cheque.My father got this sum after sale of his plot.My father received this sum via Demand Draft from the purchASER OF HIS plot.

Can my wife receive this sum from my father under GIFT DEED.

Pl. tell me the relations covered under GIFT DEED.

Pl. guide me.

Praveen
DELHI

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B K Raghavendra Rao (Expert) 15 March 2010
Each state will its own version of Stamp Act. Check provisions from your State's Stamp Act. In Karnataka, relation in respect of a donor means - father, mother, husband, wife, son, daughter, daughter-in-law, brother, sisters, grand children.

Raj Kumar Makkad (Expert) 15 March 2010
I do agree with rao.

A V Vishal (Expert) 15 March 2010
Is the query related to IGift Tax Act or stamp & registration act.

Parveen Kr. Aggarwal (Expert) 15 March 2010
Yes. Your wife can get the sum from your father under Gift Deed. Gift Deed may be executed with regard to immovable or movable properties including cash.

Gift may be made to any person.

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