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Gift deed for cash/cheque gift (Legal Documents)

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This query is : Resolved


Author : Shailender Bali

Posted On 13 February 2012 at 16:32

A and his wife wants to make cash/cheque gift to A's sister.

Is gift deed necessary in such case ?

If yes, what is the procedure? Should it be registered as well ?

If no, what documentation to be prepared for the gift so made.

Regards
Shailender Bali




Expert : ajay sethi

Posted On 13 February 2012 at 16:42

no gift deed is necessary for cash/cheque gifts .



Author : Shailender Bali

Posted On 13 February 2012 at 16:48

Thank you sir for the prompt reply and other necessary clarification on chat.



Expert : ajay sethi

Posted On 13 February 2012 at 16:54

as already advised on chat visit CAclubindia.com for your queries on income tax etc



Expert : A V Vishal

Posted On 13 February 2012 at 19:43

Is gift deed necessary in such case ?

Ans, Yes, in order to avoid tax complications it is advisable to prepare a gify deed confirming the gift of cash/chequr.

If yes, what is the procedure? Should it be registered as well ?

Find hereunder sample deed, registration is not done for such document.

If no, what documentation to be prepared for the gift so made.

Not Applicable


Confirmation of Gift of money can be on a plain paper by way of a gift deed, there is no necessity of stamp paper.

Simple format of deed:

GIFT DEED

KNOW ALL MEN BY THESE PRESENTS that I, _____________ S/o Sh.___________ r/o ____________________, transfers voluntarily, CASH OF value of which is Rs._____________ (Rupees_____________ only) to my SON/HUSBAND/SON IN LAW SRI.____________ S/o of Sh._________________ (hereinafter referred to as "the donee") To Hold the same to the donee absolutely forever. I further declare that the said gift has been made by me out of my natural love and affection for the donee and the same has been accepted by the donee.

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

Witness:






1.




DONOR




2.




DONEE



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

MODIFY THE FORMAT SUITABLY BY ADDING THE AMOUNT AND CHEQUE/ D D NOS'



Expert : sanjeev murthy desai

Posted On 13 February 2012 at 20:29

I agree with Vishal sir



Expert : raj kumar makkad

Posted On 13 February 2012 at 21:39

legally there is no requirement of formal gift deed in such close relations and mere an affidavit is sufficient for this purpose on behalf of donor.



Author : Shailender Bali

Posted On 14 February 2012 at 20:59

Thank you Vishal Ji, Sanjeev ji and Raj Kumar Ji for your valuable suggestions.

Prabhakar Ji and Devajyoti Ji, If possible, may we know the reason/ issues that you are not replying to any query.

Regards


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