A Gift deed offers legal protection and traces the transfer of properties between both the parties.
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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.
The following documents are required to register a gift deed of property-
Step 1: Draft a gift deed of property by including the following details-
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
Section 126 of the Transfer of Property Act, 1882 has specified certain grounds of gift deed cancellation in India. These are as follows-
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