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stamp paper for gift

Revanth (Job) (145 Points)

25 March 2011

What is the stamp paper value required for gift upto Rs.5,00,000/- between father and son. Is there any gift tax or income tax rules applicable between father and son?

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4 Replies

Pankaj Arora (Learner) (3134 Points)
Replied 25 March 2011

no tax will applicable between father and son you can just write on plain paper instead of stamp paper…

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CA Saiyum khan (Practicing CA) (685 Points)
Replied 25 March 2011

You may simply draft the gift deed on plain paper. The format is as under;

GIFT DEED

I _____________ S/o Sh.___________ age r/o ____________________, solemnly offering and declare as below :

1.That on day out of natural love and affection towards ---------------------s/o ----------------age---------.resident at ----------------------made a gift of Rest. -----------(Rupees----------------------)by Cheque no. ---------dated--------which was gladly accepted by --------------

2.That the said gift was made by me absolutely irrevocable and forever , out of natural love and affection which I towards the said donee who is my ------------and the said gift was made out of my own free will .

3. That the said sum of Rs. ------------(Rupees --------------------------------)was given out of my self acquired funds and other person had any right , title and interest in the said sum .

4. I am not assessed to Income tax and /my source of Income is Agriculture & Pension

I am assessed to Income Tax at ward ----------------at ------------my Pan is ----------------

5. That Whatever have been stated above are ture and correct to the best of my knowledge and belief .

IN WITNESS WHEREOF, I have executed this deed this ________ day of __________.

Witness: 1

DONOR

DONEE

I, SRI. ______________, the donee hereby accept the gift.

Revanth (Job) (145 Points)
Replied 25 March 2011

Thanks Pankaj

But in our club, i see that for upto Rs.5,00,000 , 100/- stamp paper is required.

Is it differ from state to state?

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 25 March 2011

no stamp needed for family relations gift, even no record is necessary, its just a formality to file the same in hands of receipent for future reference and records.