A Gift Deed is a formal document that facilitates the transfer of ownership of property or assets from one individual to another as a gesture of goodwill, without involving monetary compensation. By legally recording such transfers, a Gift Deed offers clarity, transparency, and safeguards the rights of both parties involved.
This guide provides insights into the concept, registration process, and necessary documentation for creating a valid Gift Deed.
What is a Gift Deed?
A Gift Deed is a legally enforceable document that ensures the smooth transfer of movable (land, house, or apartment) or immovable (vehicle or cash) property as a gift. It is governed by the Transfer of Property Act, 1882, which stipulates that:
- The transfer must be voluntary and made without any financial consideration.
- The donor (the giver) should legally own the property and be capable of making such a transfer.
- The donee (the receiver) must accept the gift during the lifetime of the donor for it to be valid.
A registered Gift Deed solidifies the transfer, reducing the likelihood of disputes and ensuring compliance with legal requirements.
Who Can Be a Donor or a Donee in a Gift Deed?
A Gift Deed involves two parties – the donor and the donee.
- Donor: The person who donates their assets or property is known as the donor. They should have all rights to the gift and be the legitimate owner. First and foremost, the gift must be freely given. The individual who donates their assets or property is known as the donor. They should have full ownership rights and be the legitimate owners of the property being gifted. Most importantly, the gift has to be given voluntarily.
- Donee: The individual who obtains the asset or property via the gift deed is known as the donee. This could be a friend, a relative, or even a company. The primary prerequisite is that the gift must be accepted by the donee while the donor is still alive. The gift deed loses its validity if it is not accepted.
In simple terms, the donor is the one who gives, and the donee is the one who receives.
How to Register a Gift Deed?
To formalise the transfer, the Gift Deed must be registered at the Sub-Registrar's office. Below are the steps involved:
1. Drafting the Deed:
- Engage a legal expert to draft the Gift Deed with all necessary details, such as the description of the property, relationship between the donor and donee, and any terms or conditions.
2. Calculation and Payment of Stamp Duty:
- Stamp duty must be paid based on the market value of the property being gifted. Stamp duty rates differ across Indian states.
3. Visit to the Sub-Registrar’s Office:
- Both the donor and donee must be present at the Sub-Registrar’s office with the required documents.
- The deed must be signed in the presence of two witnesses.
4. Finalisation and Collection:
- Once the verification process is complete, the registered Gift Deed can be collected from the office.
Documents Required for Gift Deed Registration
To register a Gift Deed, you will need the following:
Identity Proof: PAN card, Aadhaar card, or passport of the donor and donee.
Proof of Property Ownership: Documents confirming the donor’s ownership of the property.
Address Proof: Utility bills or voter ID of both parties.
Drafted Gift Deed: A professionally prepared Gift Deed document.
Witness Identification: Identity proofs of two witnesses.
Stamp Duty Receipt: Acknowledgment of payment for stamp duty and registration charges.
What Makes a Gift Deed Legally Valid?
To ensure the Gift Deed holds legal standing:
- The gift must be accepted by the done during the lifetime of the donor.
- The property being transferred should be clearly defined and legally owned by the donor.
- Registration of the Gift Deed is mandatory for immovable property, as per Indian laws.
A Gift Deed serves as a document for transferring property or assets legally. By completing the registration process and adhering to the necessary legal formalities, both donors and donees can ensure a secure and seamless transfer.
Frequently Asked Questions (FAQs)
Yes, registering a Gift Deed is compulsory under the Indian Registration Act, 1908, for it to hold legal validity, particularly in the case of immovable property.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
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