My father and mother want to execute a gift deed to transfer money to me (Their son) through bank cheque of thei own wish out of love and affection.
1. Do we need gift deed for that?. If so what should be format?.
2. Does this deed ( if required) should be on plain paper or need to be on stamp paper or need to be notarized as affidavit ?. What is the legal need since it is between parents to Son?.
3. Form taxation perspective, since there is no tax implication because of boold relation, what whsould be simple format to show proof to IT authorities if required.
4. Also since both father and mother are gifting different amounts from same (Joinly owned) bank account cheque it is enough to take single cheque for whole amount or should i take two cheques from both seperately for respective accounts?.
5. In either case is it enough to emtione the total amount in single gift deed between both of them and myself in same letter with details.
Please answer thse question in oder to enable them to transfer the amount out of their wish and also irrevokable manner once for all and not have any taxation queestion in simple format.