if a person gift to his spouse Rs 70000/- in CASH on 15/2/07 whether it is mandatory to execute a gift deed on a stamp paper .
As i have read that it can be written on a simple paper.
sec 56 says "any sum of money " that means cash only
5 Replies
CA. Atindra A. Prabhu Bhatikar
(practising CA)
(68 Points)
Replied 03 July 2008
No documentation is generally required to gifts being exchanged between sposues. But it is advisable to make notings as they may be required at the time of assessment. No gift deed is as such required unless the sum invloved is of substantial amounts. It can be noted on plain paper.
Sec 56(vi of the Income Tax Act,1961 will not be applicable in this case the gift is exchanged between relatives. "Any sum of money" under the said section means cash or cheque or draft etc but does not include any gift in kind.
Gift of any immovable property is compulsorily required to be executed on a stamp paper and registered with the appropriate authorities.
Yogesh Modi
(Service)
(0 Points)
Replied 03 July 2008
I am also a CA. I totally agree with CA. Atindra A. Prabhu Bhatikar
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 03 July 2008
MEMORANDUM OF GIFT AFTER THE DATE OF GIFT OF MOVABLES CAN BE EXECUTED ON PLAIN PAPER WITHOUT STAMP PAPER .............HOWEVER IF U EXECUTE ON SAME DAY STAMP PAPER WILL BE REQUIRED BECAUSE THERE IS CONVEYANCE OF MOVABLE TRHOU THAT PAPER
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 03 July 2008
I m too agree with CA. Atindra A. Prabhu Bhatikar
Kanika Dua
(article)
(27 Points)
Replied 15 December 2009
i require a format for a gift deed for cash given to a brother
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