Gift deed

NIYATI VISHNUBHAI PATEL (Querist) 11 December 2014 This query is : Resolved
Is it necessary to make gift deed in case of gift of money through cheque by husband to his spouse ?

Please guide me what should i do make it effective ?

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Devajyoti Barman (Expert) 11 December 2014
For gift of movable assets execution of any deed is optional.

Rajendra K Goyal (Expert) 11 December 2014
It is always better to have such transactions by cheque.

Anirudh (Expert) 11 December 2014
If your wife deposits that amount in her bank account or takes any FD or earns any income from out of the Gifted money, please note, the said interest will be included / clubbed in your income and tax will be charged on such income also under Sec. 64 of the I.T. Act.

Sailesh Kumar Shah (Expert) 11 December 2014
writing deed of gift transaction (whether mandatory or not) and payment through cheque would be better.

ajay sethi (Expert) 12 December 2014
it is not necessary to execute gift deed

malipeddi jaggarao (Expert) 13 December 2014
For movable assets, it is not necessary though optional.

T. Kalaiselvan, Advocate (Expert) 15 December 2014
Making a gift deed for movable property is optional. Making a gift by an instrument (cheque or DD) itself is a proof of gift hence no separate gift deed may be necessary.

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