In the light of Judicial pronouncement(s) discuss the following: Stamp Duty and Registration of Gift Deed.

The value of the property gifted must be set forth in the deed of gift. Stamp duty is payable on gift deed as on the conveyance as per amount of value of the property as mentioned in the Deed or as per market value of such property whichever is greater as per Article 23 of the Indian Stamp Act, 1899. If the value of the property is intentionally omitted is under-valued with a view to defraud the revenue, prosecution may be invited under section 64 of Indian Stamp Act (Muhamad Muzaffar Ali ILR 44 Allahabad 339 FB). Further, penalty provisions under Gift-tax Act may also be attracted. Gift deed of immovable property is compulsorily registrable as per section 123 of the Transfer of Property Act and Section 17(1)(a) of the Registration Act, 1908, whatever may be the values.