shekhar (Individual) 03 January 2010
My client's NRE brother credited Rs.1L into my clients mumbai resident saving bank a/c. The said transaction is backed with a GIFT DEED signed by both parties donor and donee in the presence of 2 witnesses. My queries are: (a) Is it necessary to execute a gift deed on stamp paper and if so what should be the denomination of the stamp paper for a gift of 1L. (b) Is it necessary / mandatory to get the gift deed notarized.
Y V Vishweshwar Rao (Advocate ) 06 January 2010
In my view an affidavit /declaration on Rs;- 10-00 NJS - brother has gifted the cash to his brother is sufficent and it can be Notarised - not compulsory ! There are required dclaration Forms with Chartered Accountants - collect the required froms from any CA Office !
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