Overview

A gift deed is an important legal document that refers to the transfer of a gift from one person to another in accordance with the provisions of the law. A gift deed is a legally binding written document by which the donor can voluntarily transfer an existing movable / immovable property, as defined in section 122 of the Transfer of Property Act, 1822..

A Gift Deed is lawful only ‘without any consideration’ In return if love and affection is given by one family member / friend to another. If you want to transfer the irrevocable property of registration, 1908 to U / s 17, 1908

What streams are required in a gift deed?

You are required to mention a few things in the gift deed which is an important legal document.

Who can be a donor / donne?

Any person who transfers immovable property is known as a donor. Furthermore, a donor must be a person who is of sound mind and is competent to agree. If a person is not able to enter into a contract, no one can be a minor.

Any person who accepts a gift / transfer made for him is known as Donne. Gift must be approved by sister’If a minor according to age, then parent on behalf of Didi. A minor, after attaining adulthood, may accept the gift or return it in the case of a responsible gift (a gift attached to certain conditions).

Note: It should be noted that if gifts of all bills are accepted, then all outstanding dues will be transferred to Didi.

Required documents

After making sure your gift deed is signed & Verified by witnesses, you will have to pay stamp duty and registration fee as per the rules of your state. You'll find some other documents like – Need to move

• Aadhaar Card
• ID license, such as driver's license, passport, etc.
• PAN card of both parties for execution of gift deed.
• Original gift deed to be executed
• A document such as a sale deed to prove donor title to the property
• You will need two witnesses at the time of execution of the gift deed
• Encumbrance Certificate
• A document certifying ready reckoner value and
• Other agreements you have entered into with respect to the property
• Other material may be required as per state requirements

You may need other documents, as this list is not exhaustive. You may need to add certificates related to the value of your property, depending on your state.

Latest Notification on Gift Deed: Kolkata High Court

Case-"Dinabandhu Mondal v. Laxmi Rani Mondal" (decided on 17-06-2019) It is clear that it is not necessary for the 'validity of the gift deed' that it must be registered by the donor himself. After the death of the donor, any successful registration of gift deed in the event of a diy does not dishonor the U / S 123 of the Transfer of Property Act, 1882.

If the transaction appears to be unconscious, it is seen that in that case the burden of proof may be reversed. However, this could not be proved in the present case. As a result, the trial court's decision was restored, and the appeal allowed.

Some important steps for drafting & Gift Deed?

Draw a draft with the following required things.

• Specify the date and place for execution
• Donor and don information such as date of birth, residential address, name and relationship between them.
• Total Property Description
• Presence of two witnesses
• Signed with Donner and Donne's Witnesses

Get it printed on stamp paper of the applicable price at each state stamp rate.

STEP 3

Finally, please register the gift deed at your Registrar / Sub-Registrar office.

What is the stamp duty related to register gift deed?

Go for printing your stamp paper with a reasonable price and get it registered at the Registrar's Office after preparing the gift deed. Stamp duty can be paid either by purchasing stamp paper, or it can be done online (e-stamp) in which salaries vary by state.

• Delhi

  Man 6% and 4% for women (market value of property)

• Karnataka For non-family members, the value of the land is 5.6% on transfer. It can range from Rs.1000 / - to Rs.5000 / - in case of family members depending on the location of the property.

• Gujarat

  4.9% market price

• Punjab

  6% of the property value. No stamp duty in case of blood relatives

• Rajasthan

  Widow, none for female- 4%, 3% in case of SC / ST or BPL, male -5%, 1% in support of daughter or wife, 2.5 like close family members in daughter's in-laws. %, Son, mother, father, granddaughter or grandson

• Uttar Pradesh

  7% for men and 6% for women (total value of assets)

• Maharashtra

  If residential property or agricultural land - Rs.200, 3% in case of family members, 5% in case of relatives

• Tamil Nadu

  1% for family members and 7% for other relatives

• West Bengal Above 40lac

  1% surcharge, 0.5% if transferred to family members, 6% in other cases

What types of properties can be gifted?

Properties can be gifted as follows: -

• A movable or immovable property
• A tangible asset
• A Transferable Property
• an existing asset

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Servzone is one of those platforms that coordinates to meet all your legal requirements and continuously connects you with professionals. Yes, our clients are pleased with our legal service! Due to our focus on simplifying legal requirements, they consistently treated us highly and provided regular updates. Our clients can track progress on our platform at all times. If you have any questions about the gift deed registration process, our experienced legal advisors are just a phone call away. The servzone will ensure that your communication with professionals is engaging and seamless.

What do you mean by accepting a gift deed?

• Approval of gift deed

  Acceptance of the gift must precede Didi's death as acceptance is a legal requirement. If the Didi starts collecting rent from the property, it can be considered as implied acceptance. It cannot be canceled unless it is a conditional gift at the earliest as a valid gift.

• Conditional Gift Work

  If a gift deed becomes invalid for completing a specific task, it is known as a conditional gift. Conditions cannot be added later and must be made before or on time to make a gift. A condition must be something that is not under the control of the donor or is uncertain by nature. The given property acquires full rights in the property based on the rights set out in the gift deed after acceptance.

• Small Approval

  is an exception, while whoever owns the property should be able to gift it. Minors are not allowed to transfer property as they are not legally eligible to form contracts. This means that wherever the minor is a donor, the donation is void and illegal.

  On the other hand, a legal guardian can accept a gift on behalf of a minor, which means that a minor can also be done. The minor will be given the option of accepting the gift or returning when the minor is of legal age.

• Approval under undue influence or fraud

  Whenever the donor has used his power or authority to receive the gift, it is called undo effect. In such cases, the 'burden of proof' is made to state that there was no undue influence. The gift deed is void if proven to have undue influence. If the gift deed is forged through lies and deceit, in that case, it is known as fraud or adulterous action.

What is the possibility of cancellation / cancellation of gift deed?

A gift cannot be canceled once and registered with due process of law. It becomes the property of the deed upon acceptance, in which the donor cannot self-revoke the deed. In addition, the deed will only include the will of the donor, where the parties have agreed that the deed will be partially revoked or not known to be a valid gift deed as a whole.

Nevertheless, there are specific grounds when gifts can be revoked under Section 126 of the Property Act, 1882 Act. The cancellation includes possession of the property, which the donor gets back from the cancellation of the gift deed.

• If certain specified events occur or do not occur, the gift will be canceled if there is an agreement between Dan and Didi.
• Further, the occurrence of such an event should not be handled by the donor, where both parties will agree to such circumstance / contingencies with reference to the gift deed.
• The stipulated terms should not be illegal, immoral or libelous to property.
• Case Law: Hon'ble Supreme Court stated in the case of Thakur Raghunathji Maharaj. Ramesh Chandra ", he “ This condition shall be valid and enforceable, even if a condition is provided separately under a mutual agreement. Nevertheless, it is a part of the gift transaction that does not determine the gift itself.
• 'Contract is a contract' is void at the option of the party whose consent was obtained where the consent is due to undue influence, coercion, misrepresentation or fraud. "
• Thus, it can be canceled if the gift was made by obtaining consent on the above basis. Donor's heirs have the right to file for revocation of the deed if they die.

What is the tax liability for depositing property through gift deed?

Where any person would have received money from any person after 1 day under the Income Tax Act 1961, Section 56 (2) (x), (total value of fifty thousand rupees), Income Tax Act 1961, Section 56. is. ) Head & quot; Income from other sources will be taxable.

• Person's Marital Opportunity
• Payer / payer death
• By inheritance / will
• from any local authority
• from a relative
• from any institution registered under section 12A or section 12AA; Or
• From an institution mentioned in clause (23C) of section 10
• from any establishment for the benefit of a person's & ldquo;
• Any entity referenced through sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (sub-section) of section 10; Or
• Any transaction that is clause (i) / 20 [clause (iv) / clause (v)] / clause (vi) / clause (through) / clause (through) / clause (vib) or clause (vic)) is not considered under / clause (Vic) / clause (vicb) / clause (vid) / clause (vii) clause ?>