Gift Deed is safest and surest way to transfer your property in your lifetime. It assures clear title to the done (to whom gift is made) without interference of other persons. A gift deed refers to the transfer of an existing moveable or immovable property by one person to another. The transfer should be made voluntarily and without consideration. The person transferring the property is called the donor. The person to whom the property is transferred is referred to as the donee.
Gift Deed is a legal document which serves as an evidence of the transfer of property from the donor to the donee. The donee must accept the property during the lifetime of the donor and while he is still capable of giving it. The gift can be affected through a gift deed registered in the Sub Registrar Office. There is no restriction on the power of the donor to gift his self-acquired property. He can gift the property to anyone – his family members like son, daughter, mother, father, brother, sister, grand children or even to strangers such as temple, religious trusts etc. through a registered gift deed. Any person who is competent to contract can make a gift of his property. A minor, being incompetent to contract, is incompetent to make a gift. However, a minor can accept gifts. A gift to be valid must be made by a person with his free consent and not under compulsion. The donor must not be insane.
A gift of immovable property can only be made by a gift deed duly registered in the Sub Registrar Office after payment of adequate stamp duty and registration fee. A gift of immovable property, which is not registered, is not valid in law and cannot pass any title to the donee. The deed should be stamped with the appropriate stamp duty and attested by at least two witnesses. Mere delivery of possession without a written gift deed cannot confer any title. A property valuation report by a Government approved/registered valuer may also be required in certain situations to indicate the property value in the Deed.
Contact Us
Call/WhatsApp us: +91 7011261376
Email us: email.ssassociates@gmail.com