What should be the value of stamp paper if the gift value is Rs. 1 Lac? Is it 1% of gift amount ie Rs.1000/-?
Is it mandatory to get the gift deed notarized?
nikhil kumar sinha (legal associate) 12 January 2010
well it also depends if the donee is the member of the family or not
a) where the donee is not a family member of the donee
The same duty as a conveyance (article no. 20) for a market value of the property which is the subject matter of the gift .:
provide that where an instrument of gift contains any provision for the revocation of the gift, the value of the property which is the subject matter of the gift , shall for the purposes of duty be determined as if no such provison were contained in the instrument .
b)Where the donee is a member of the family of the donor
Rupees one thousand only
N RAMESH. (Advocate Chennai. Formerly Civil Judge. Mobile.09444261613) 15 January 2010
Rate of stamp duty differs state to state.
If the gift is within the family, then irrespective of the value of the property, a maximum stamp duty of Rs.10,000/- is payable in Tamilnadu.
If the gift is not within the family, it is to be treated as conveyance attracting 8% stamp duty.
Gift deed is not required to be notarised. It is a document required to be registered compulsorily.
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