Whether gift deed of cash on plain paper is valid

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2018 Assessee has accepted cash gift from his mother and father in FY 15-16 and same has been deposited in Saving account. Now Department is asking for Gift Deed.Whether Gift deed of Cash on plain paper is valid deed and same is accepted by IT Department

CA Idris M K

CA Idris M K (Expert)
Follow

20 November 2018 No.
Merely recording a statement on plain paper cannot be treated as gift deed.

Note: This is my view, there might be difference of opinion

Querist : Anonymous

Querist : Anonymous (Querist)

20 November 2018 What I think, Stamp duty is not required on cash gift , However stamp duty is required on transfer of movable property like jewellery and in case of Immovable property stamp duty plus registry required.
I request other experts to give their opinion

Upgrade to CAclubindia Pro. Subscribe Now!