Gift Deed
The lawful owner of a property can transfer it to another party without any monetary consideration through a gift deed.
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How does the Gift Deed work ?
A Gift deed offers legal protection and traces the transfer of properties between both the parties.
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What is a Gift Deed?
With a gift deed, the lawful owner of a property (donor) can transfer it to another party (done) without any monetary consideration. A gift deed must be signed by the donor, attested by 2 witnesses, and they should be registered. Charges will vary in each state as stamp duty on gift deed must be paid on the value of the property. Generally, such gifts are given by one family member to another, but there is no such restriction. However, gifts from relatives (and wedding gifts) are exempted from tax.
What are the documents required for gift deed registration?
The following documents are required to register a gift deed of property-
How to do gift deed registration in India?
Step 1: Draft a gift deed of property by including the following details-
With a gift deed, the lawful owner of a property (donor) can transfer it to another party (done) without any monetary consideration. A gift deed must be signed by the donor, attested by 2 witnesses, and they should be registered. Charges will vary in each state as stamp duty on gift deed must be paid on the value of the property. Generally, such gifts are given by one family member to another, but there is no such restriction. However, gifts from relatives (and wedding gifts) are exempted from tax.
Step 2: Print the deed on a stamp paper of the precise value, as per the State rules
Step 3: Pay the stamp duty on gift deed, as per applicable state rates, online or offline
What are the grounds of gift deed Cancellation in India?
Section 126 of the Transfer of Property Act, 1882 has specified certain grounds of gift deed cancellation in India. These are as follows-
FAQs on Gift Deed
Who can be a donor of a gift deed?
Any person with a sound mind and competent enough to enter into an agreement can be a donor.
Can a minor be a donor of a gift deed?
No. A minor is considered incapable of entering into an agreement.
Can a minor be a donee to a gift deed?
A minor can also be a donee, but his guardian can only accept the gift on his behalf. The minor can accept or return the gift after he attains adulthood.
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