gift deed

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.

I am also a CA. I totally agree with CA. Atindra A. Prabhu Bhatikar

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

i require a format for a gift deed for cash given to a brother