Gift Deed (for Money)
This is regarding gift deed. I put up in Gurgaon. My father gifted me INR 5,00,000 through RTGS bank transfer from his account to mine. I need this money to show as proof of funds for canadian immigration. we got one affidavit (INR 10 stamp paper) signed by my father and notarized. also, we got one gift deed (INR 100 stamp paper) signed by me (donee), my father(donor), my mother (one witness) and it is also notarized. will these two documents work? 1) can such a gift deed (of money as gift) work without a witness? 2) can such a gift deed (of money as gift) work with just one witness? 3) or is it mandatory to have two witnesses sign it? 4) who can be the witnesses in this case? can my mother be?
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Posted by: shivangi kataria
Posted on: 2019-05-22
With respect to your query, the legal opinion is as under:- (1) There is no necessity of any documentation if movable property is gifted. (2) Money can be gifted just by handing over the money by the donor to the donee or by transferring from account to account by the donor to the account of donee (3) However the factum of gift is necessary to be mentioned in income tax returns. (4) However, precautionary if you have obtained a memorandum endorsing the factum of gift of Rs. 5,00,000/- in your favor by your father, it is a good gesture. (5) The memorandum of gift of money should be signed by the donor and donee i.e. by your father and you. The document can be witnessed by any person. Your mother is well qualified to sign the document as witness . If you want, you can get the document witnessed by any other person also. (6) Memorandum of gift deed reduced into writing required two witnesses at least.
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