GIFT DEED

praveen (Querist) 28 November 2009 This query is : Resolved
Should the GIFT DEED be done on a stamp paper or it can be done on a simple paper?

If GIFT DEED should be done on a stamp paper then what should be the value of STAMP PAPER in DELHI for executing a GIFT DEED of Rs nineteen lacs only ?

DELHI

29-11-2009

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A V Vishal (Expert) 28 November 2009
If it is for movable assets like cash, shares, jewellary, vehicles, deposits etc...... a letter on a simple white paper confirming the gift by the donor is sufficient, however, in case of immovable property the doc needs to be duly stamped under the stamps act and registered.

adv. rajeev ( rajoo ) (Expert) 29 November 2009
No stamp papers are available after the Telegi case. So to gift the immovable you can right it on the white paper and can be presented for the regn., there you will get the regn.,m charges which you will have to deposit in the bank thru., challan. After producing the challan regn., formalities will be completed.
If the gift is to the blood relative then it is Rs.1000/=-(in karnataka) please check it in your state.
For movable I agree with Vishal.

G V S Jagannadha Rao (Expert) 29 November 2009
A gift given to a blood relative attracts stamp at a lower rate. Please ascertain from your local Registrar. As Mr. Rajeev said, you can as well execute the document on white paper and pay the stamp duty by way of bank challan.

If you can mention your address, some expert from your State can advice you on the amount of Stamp duty.