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Seema (Advocate)     19 February 2010


Hello Friends!

I just want to know that, in Gift Deed of money, which is given by Mother to her sons, what iwill be the stamp duty for registration? Is it necessary to register the same. The gift is around 8 lacs for one son & around 18 lacs for other son. And parties are from mumbai.

1. So what will be the stamp duty for registartion in mumbai?

2. Is it necessary to register the same?

3. There will be no income tax, because money is given by relative, is it right na?

Thanks & Regards!\

Adv. Seema


 4 Replies

VIJAY K. TEOTIA (ADVOCATE)     20 February 2010

registration of a gift deed is necessary,

the stamp duty is a state subject, therefore the existing rate of the state on the valuation of the deed i.e. amount of gift, is chargeable

in addition to stamp duty, there is provision of registration fee also which has to be deposited in the office of sub-registrar for which a receipt is issued.

A V Vishal (Advocate)     20 February 2010

Gift deed of money is not compulsarily registrable. The gift deed may be notarized after executing the same on a plain white paper or alternatively on a stamp paper of value of Rs.100/-

A V Vishal (Advocate)     20 February 2010

The gift is not taxable under the Income tax Act or the Gift Act.

ravi chander d j (Consultant)     23 February 2010

Monetry gift deed need not be registered.  The same may be notirised.  As far as Income tax is concerned, any gifts, both moveable and immovable received from blood relations, as specified under the said act is exempt from income tax.

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