30 January 2016
Is it necessary to have a Gift Deed written on stamp for a valid gift receivced by Cheque, through blood relative, like Brother or son.
Or, a gift deed written (bearing cheque no & date of cheque) on a plain paper with 2 witness signed the same, is sufficient ???
Can the AO, disallow the gift received through cheques, on the grounds that the Gift deed is written on a plain paper & is not written on stamp ???
30 January 2016
Since it is a transaction involving cash / cheque, revenue stamp would do. Gift deed may written on a plain paper, signed by the donor, attested by two witnesses and must be accepted by the donee on the same document.
CAclubindia
