Cash gift

modi kamal (Querist) 17 January 2013 This query is : Resolved
I want to gift Rs.10 Lac to my son.As per my understanding,there is no Income tax is to be paid by my son as we are blood related.Today i went to buy a Rs.100 stamp paper to make a gift deed between us.

Stamp Vendor shocked me by telling me that 2% Income Tax needed to be paid to Government & that I should buy stamp papers worth Rs.20,000. i.e 2% of Rs.10 Lac.

Is he right?Kindly help me with your expert advice.

Thanks,

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Raj Kumar Makkad (Expert) 17 January 2013
Stamp vendor's opinion is wrong whereas your knowledge is accurate. There is no tax payable in the given case.

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