for giving gift (through cash or cheque), i understand we need to have an offer of gift from the donner and its acknowledgement by the receiver (what we call gift deed).
my question is - does this deed need to be on judicial paper (stamp paper - if so what denomination of stamp) or an augthenticated agreement on a plain paper (duly signed by donner and receiver) will be ok and substantial enough.
kindly advise.
thanks.
jagadish hiremath (advocate & tax consultant) 29 August 2011
I think the plain paper is ok for gift deed, if the immovable properties are gifted then the bond paper is required and get it register with the Sub Registerar Office
SANJAY SHARMA (ADVOCATE IN CHARGE) 29 August 2011
THERE IS NO NEED OF STAMP PAPER FOR DONATING THE CASE/CHEQUE , IN THIS MATTER ONLY BLANK PAPER IS ENOUGH TO DO SO.
Anil Agrawal (Retired) 01 September 2011
What is the treatment of gift of 10000 dollars received by an Indian from his sister's son who is an Amrican Citizen? Is it includible as his income from other sources and taxable? I think he does not dome under the category of RELATIVE. Please elucidate.
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