Gifts

This query is : Resolved

Sujal Patel (Querist)
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08 November 2010 Is it necessary to have gift deeds executed between two parties (donor and donee) on stamp paper? Or can it be executed on normal paper too. Also is it compulsory to add a witnesses for the same? Does this applies to gift given to HUF A/C. Thanks in advance!

Aditya Maheshwari

Aditya Maheshwari (Expert)
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08 November 2010 It is preferred to be on a Rs. 100/- stamp paper. No witness required. Requirement same for all.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 November 2010 Execution of gift deed is not obligatory but it is better to have a gift deed in place on a stamp paper between a donor and donee duly signed by both. It is also better to have signature of witness. It will be useful for the purpose of Income Tax scrutiny.

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