Is it mandatory to register a gift deed


A lady in Visakhapatnam wishes to gift her son- in-law Rs 3 lakh by bank transfer. Will this transaction attract gift tax? Also, Is a gift deed required to be made in this case, and if so, is it mandatory to get it registered ? Else, can it just be prepared on say Rs 100 stamp paper? Thanks for the help!

Answers (2)


98 votes

THE GIFT WITH REGARD TO TRANSFER OF IMMOVABLE PROPERTY HAS TO BE REGISTERED
WHEREAS CASH TRANSFER WILL BE SUBJECTED TO MOVABLE PROPERTY, IS NOT AT ALL REQUIRED REGISTRATION, AND WHEREAS YOU CAN OBTAIN AN AFFIDAVIT WITH REGARD TO TRANSFER OF CASH ON 100 RS STAMP PAPER AND SIGNED BY BOTH OF THEM


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152 votes

Hi,
This is M.A RAHEEM KHAN , Advocate, From : Hyderabad , @ lawrato.com

There is no need of Registration or prepare any document , But it is Mandatory show the Gift amount in your Income Tax to avoid any future dispute.

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