Gift deed for cash/cheque gift
Shailender Bali
(Querist) 13 February 2012
This query is : Resolved
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
ajay sethi
(Expert) 13 February 2012
no gift deed is necessary for cash/cheque gifts .
Shailender Bali
(Querist) 13 February 2012
Thank you sir for the prompt reply and other necessary clarification on chat.
ajay sethi
(Expert) 13 February 2012
as already advised on chat visit CAclubindia.com for your queries on income tax etc
A V Vishal
(Expert) 13 February 2012
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'
Raj Kumar Makkad
(Expert) 13 February 2012
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.
Shailender Bali
(Querist) 14 February 2012
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
