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A gift deed, as defined in Section 122 of the Transfer of Property Act, 1822, is a legally binding written document by which the donor can voluntarily transfer an existing movable or immovable property to the donee. A gift deed is only acceptable when it is given ‘without any consideration’ in return by a family member or friend to another. According to Section 17 of the Registration Act of 1908, if you want to transfer immovable property, you must have a registered gift deed.
(1) Legalize the Gifting Process. Executing a gift deed will legalize the process of gifting.
(2) Act as a Legal Proof.
(3) Tax Exemption.
(4) Freedom of Revocation.
(5) Ensure Absolute Ownership
(6) Quick Transfer of the Property
(1) A certified professional will evalute the property related to the gift deed.
(2) A gift deed will be signed by the doner and the donee in the presence of two witnesses.
(3) Approach to the nearest sub-register to submit the signed documents.
(4) Hire a lawyer for calculation of the registration charges. you need to pay the fees.
(1) ID Proof like Aadhar Card, Driving License among others.
(2) PAN Card of the donor and donee.
(3) Document such as a sale deed or Title Deed to prove the ownership of the donor.
(4) Original Gift Deed.
(5) Passport size photograph.
(6) ID proof of the witnesses.
(7) Address proof of witnesses.
(1) What is Gift deed?
(2) What should be the intention of gift deed?
(3) What are the rights of doner and donee?
(4) What is the value of stamp duty?
(5) What do you mean by acceptance of gift deed?
