A gift deed is a document used by the lawful owner of a property to transfer his or her property to another party without any financial consideration. A gift deed has to be signed by the donor, attested by 2 witnesses, and it must be registered. The charges for a gift deed vary in each state as stamp duty on gift deed has to be paid on the value of the property. Usually, such gifts are given by one family member to another, but there is no restrictions on how it’s used. However, any gift from relative and wedding gifts are exempted from tax
GIFT DEED FORMAT
DOCUMENTS NEEDED FOR GIFT DEED REGISTRATION
- The signed gift deed in original
- The ID proofs such as the copies of passport, driving license, etc of the donor and the donor(s)
- The sale deed or other documents that prove the property ownership of the donor
- Any other legal agreements and certificates that reflect the value of the property
PROCESS FOR GIFT DEED REGISTRATION IN INDIA
- The date and place of execution of the gift deed must be mentioned
- The details of the donor and the donor(s) such as their names, date of birth, addresses, relationship etc
- The details of the property being gifted
- The signatures of the donor, done(s) and two witnesses
- The gift deed must be printed on a stamp paper of the precise value, as per the state rules
- The stamp duty amount that is applicable as per the state rates on the gift deed, must be paid either online or offline
GROUNDS FOR GIFT DEED CANCELLATION IN INDIA
Section 126 of the Transfer of Property Act, 1882 specifies the grounds of gift deed cancellation in India. These are mentioned below:
- If certain events that have been specified in the gift deed occur or do not occur, without any influence or control of the donor. These grounds must be mentioned in the registered deed. If it has been mentioned specifically in a separate agreement, the same must become part of the gift transaction, to be legally enforceable
- The conditions of revocation and cancellation must not be reprehensible or illegal to the property
- If the consent to the gift deed agreement was obtained by fraud, undue influence, misinterpretation, or coercion.
WHO CAN BE A DONOR OF A GIFT DEED?
Any individual with a sound mind and competent enough to enter into a gift deed agreement can be a donor.
CAN A MINOR BE A DONOR OF A GIFT DEED?
A minor cannot be a donor in a gift deed agreement as per the law.
CAN A MINOR BE A DONEE TO A GIFT DEED?
A minor can be a donee, but his or her guardian can only accept the gift on his or her behalf. The minor can accept or return the gift after he or she becomes an adult.
Once you get in touch with us at ACE ALLIANCE with your request to create a Gift deed agreement we will start the process. After our team receives all the details, our expert team of lawyers and attorney will create the Gift deed sample and send it across for your reference within 2- 3 business days. The price you pay for these services includes three rounds of iterations. Therefore, if you need any changes done to the Gift deed agreement, our team of lawyers at ACE ALLIANCE will do the needful and help you prepare the approved Succession Certificate.