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Gift Deeds..!!

Sunali (Learner) (1317 Points)

18 August 2010

Hey friends..!!..have a question, yes..!!..Again..:)

If gift deeds are always required to be executed while gifting any money to your nears and dears.

P.S.: Stamp duty for gift deed as applicable in Punjab State..?

Thanks.

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4 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 18 August 2010

Yes gift deed should be compulsorily made.

Though the same is not compulsorily required to be on a stamp paper still it is prefered to be made on a Rs. 100/- stamp paper.

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mehul kishnani (student) (264 Points)
Replied 18 August 2010

for movable properties there in no complusion for deed however in order to avoid future controversies, the parties are advised to make a gift deed. However, it is not compulsary.

However, In case of immovable properties, the property of Value Rs. 100/- or above can be transfered only through a gift deed. This is an exception to the statement given in the earlier paragraph.