Samar 30 October 2016

Legal obligation on money gifted by way of cheque by parents to children

1) Should Gift deed be printed in legal format on a stamp paper or ordinary white paper ? 2) What should be the value of stamp paper - ₹10.00, ₹50.00 or ₹100.00 ? 3) Should this gift deed on stamp paper be notarised through local notary ? Is it legally sufficient ? 4) Should this gift deed on stamp paper be registered through local sub registrar ?

Reply Follow

5 Replies

adv.bharat @ PUNE (Lawyer) 30 October 2016

Samar for what purpose you want to make gift deed?

Ms.Usha Kapoor (CEO) 31 October 2016

iF YOU WANT TO MAKE GIFT DEED IN FAVOUR OF ONE OF TH E SPECIFIED RE;ATIVES NAME AS PER GIFT TAX ACT ONLY NOMINAL STAMP DUTY IS PAYABLE. Enquire at the subregistrar office how much stamp duty si payable for a gift deed in favour of of your mother or father or sister etc. ONly 9 relatives are mentioned as per gift tax act if gifts are made in their favour such gifts are tottally exempt frm tax for both the donor and the donee. If you appreciate this answer please click the thank you button on this forum.

G.L.N. Prasad (Retired employee.) 31 October 2016

When you are gifting a valuable asset, do not hesistate to avail the services of good solicitor/advocate in drafting of the gift deed in appropriate way suitable to you as per your individual requirements.

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 31 October 2016

1. Gift Deed can be made on "ANY" paper, irrespective of the paper color.
2. IN Maharashtra, Stamp Duty on "Gift Deed" is Rs. 200/-
3. IN Maharashtra, Registration Fee on "Gift Deed" is Rs. 200/-
4. Notarised Gift Deed is legally null & void, for any and all legal purposes

Keep Smiling .... Hemant Agarwal
VISIT: https://www.maharashtra-society-help-forum.com