gift of money by cheque by close relative

shail (Querist) 23 May 2009 This query is : Resolved
Is it compulsory to make gift deed in case of gift of money through cheque by close relative?

Is it required to be made on stamp paper?

Is affidavit required to be made for such gift?

Is compulsory to noterize gift deed?

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A V Vishal (Expert) 23 May 2009
Dear Shail,

It is always wise to confirm the gift by way of a deed. The gift deed for moveable property can be on a plain paper and to set all other matters to rest it is advisable to have it notarized.

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M. PIRAVI PERUMAL (Expert) 23 May 2009
I agree with Mr. Siva, just the cheque and the letter enclosed along with the cheque will establish the cause and it serves the purpose.

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shail (Querist) 24 May 2009
dear all,
I have one more question.
gift is already made i.e. tranfer of money already took place few months back.

Can i make gift deed now?Is it required that it should be made on the same date on which money tranfered took place or it can be made on any other later date?

Y V Vishweshwar Rao (Expert) 24 May 2009
I Agree with Ravi P M

Moveable Property / cash /transfer - gift offer made , delivered , accepted, a past event - if it is required any where for any accounts purposes , affidavit/ memorandum of past event/ a declaration /statemet/ can be executed & signed . The Money transfer is by cheque is a record .

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shail (Querist) 27 May 2009
Thus, If i make gift deed on this present date i.e.27 may 2009 for the gift which took place few months before, will it be valid?
(gift by cheque from close relative)