Gift

s.v.goplani (Querist) 15 December 2011 This query is : Resolved
Respected sir,
Un-married sister wants to gift Rs. 10 lacs cheque to his brother. Whether Stamp duty is chargable on such transaction. (as per income tax no tax on both - as both are blood relatives). Please advice.
and any other tax is leviable ?
thanx.

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Raj Kumar Makkad (Expert) 15 December 2011
As the sister has to pay income tax so thee is no any tax leviable thereon. It shall now become income of brother and he shall have to show it accordingly in his all relevant accounts.

Shailesh Kr. Shah (Expert) 15 December 2011
there is no stamp duty on gift of rs.10 lacs.

Devajyoti Barman (Expert) 16 December 2011
Gift of moveable property through deed is not compulsorily registrable document and hence there is no question of stamp duty.

Raj Kumar Makkad (Expert) 16 December 2011
Both experts have clarified properly your query.

YOGESH NARANG (Expert) 16 December 2011
Gift of moveable property through deed is not compulsorily registrable document and hence there is no question of stamp duty.

and as per i.t act it is not taxable

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