There is no mandatory requirement of a gift deed. However, its always advisable to make the same. A non-judicial stamp paper of Rs . 100 is suffice. There is no specific format , only necessary details must be mentioned.
Here , I would like to remind you that in case of gift to daughter-in-law, clubbing provisions as per section 64(1)(viii) would apply.
Yes,
As per section 64(1)(viii) , if any individual transfers (directly or indirectly) his/her asset otherwise than for adequate consideration to a person or an association of persons for the immediate or deferred benefit of his/her son’s wife, then income arising from the asset so transferred will be clubbed with his income and will be charged to tax in his hands.
CAclubindia
