gift deed

This query is : Resolved

pradnya (Querist)
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16 October 2010 can one execute gift deed for transfer of saving account balance to his son?

whether registration is required for such gift deed ?

How much stamp duty is payable for such transaction.?

need clarification as early as possible.

thanks in advance

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 October 2010 Just make a Gift deed on 10 Rs stamp paper. No registration is required.

Kishanlal Paliwal

Kishanlal Paliwal (Expert)
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18 October 2010 It is general practice to execute such deed on nominal value of stamp paper.

But when the matter referred on some judicial issue, it just held null due to short stamp revenue.

If I am not wrong, minimum stamp should be of Rs.100/- or 1% of the deed value whichever is higher so that it become judicial, if situation arises in future.

However, it would be good enough to get advise from ADVOCATE/ STAMP VENDOR/ NOTARY.

Regards
K.L.Paliwal

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