Transaction involves gifting cash amount of Rs. 1 lakh to his sister. Both the donor and donee are located in Maharashtra. Through various forums, I have got clarity that since it is cash gift, no registration is required. However, I have following queries:
1. Whether the gift deed needs to be on plain paper or stamp paper?
2. If it is on stamp paper, what is the stamp duty amount?
3. Further how the stamp duty payment is discharged? By way of purchasing adhesive stamps or impressed stamp?
I am attaching a link of Bombay stamp act, wherein Schedule 1 which list downs the stamp duty rates refers to Gift Deed (Sr. No. 34). It says that stamp duty applicable to Conveyance is applicable to Gift Deed. As per Sr. No.25 for Conveyance, Movable conveyance is charged at Rs. 15 per Rs. 500. Kindly confirm whether this understanding is correct?
Thanks in advance.
