Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 July 2013 Dear Sir,
Suppose an assessee receives cash gift from his relative and also receives a covering letter mentioning doner name, address and PAN no and the amount of gift. Whether it is sufficient to prove gift or not ?

CA. Mahesh Agarwal

CA. Mahesh Agarwal (Expert)
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01 July 2013 Yes it is sufficient, no need to prove.

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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01 July 2013 It is advisable to make a gift deed having the name address pan no. Of donor and donee along with 2 witness signature

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Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2013 Whether the above can be drafted on plain paper if gift is a cash gift.

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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02 July 2013 It is advisable to make the Gift Deed on Stamp Paper and get it notarised.

But in case you want to make it back dated and have problem in getting Back dated Stamp Paper then you may make the same on Plain Paper