csmedha (Company Secretary) (91 Points)
06 May 2016Dear Members.
Greetings!
Requested to share your professional views, if gift in form of money received via cheque amounting to Rs.1,00,000/- from relative (brother), if gift deed is to be executed, what should be the value of stamp paper on which gift deed should be executed if amount received is upto Rs.1,00,000/-.
Look forward for your revert!
Thanks
ARUL PRADEEP
(ARTICLE ASSISSTANT)
(175 Points)
Replied 06 May 2016
No Deed need to be prepared for Exchange of Money.
And It is Fully Exempted from Tax if You recieve it from your Brother..
Santhosh Kumar M S
(TAX CONSULTANT)
(82 Points)
Replied 06 May 2016
Different states have different stamp duties in Karnataka its Rs.1000 if with in the family menber and Rs.500/- for registration and 5% of market value and 1% Registration fee if its other tahn family member
Santhosh Kumar M S
(TAX CONSULTANT)
(82 Points)
Replied 06 May 2016
gift deed has to be Prepered ITO will ask for it If the file comes for scrutiny
csmedha
(Company Secretary)
(91 Points)
Replied 06 May 2016
Sir,
In this case, what procedure to be followed in Delhi?
Santhosh Kumar M S
(TAX CONSULTANT)
(82 Points)
Replied 06 May 2016
In Delhi
| Stamp duty and transfer duty @ 4% if the donee is a woman and @ 6% if the donee is a man. Registration fee is 1% of the total value+Rs.100/- pasting charges. |
csmedha
(Company Secretary)
(91 Points)
Replied 06 May 2016
"Rs. 100/- pasting charges" is it the amount of stamp paper? Please clarify.
CAclubindia
