GIFT DEED

 

A gift deed is an agreement that is used, when a person wishes to gift his property or money to another person. The property can be both, moveable as well as immovable. The person who transfers the property in gift is known as donor and the person to whom it is transferred is known as donee.

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CONTENTS OF GIFT DEED

A well drafted Gift Deed should contain the following:

  • Place and date: Place and date on which the deed is to be executed.
  • Information about donor and donee: Relevant information regarding the donor and the donee, such as their names, address, relationship, date of birth and signatures.
  • Property: Complete details about the property to identify it, such as location, address, plot number, etc.
  • Liabilities: The liabilities such as lien, encumbrances, etc. should also be mentioned.
  • Delivery: The clause specifying the delivery of the property from the donor to the donee must be there.
  • Revocation: The gift deed can also state whether the donor has the power to revoke the Gift Deed upon certain circumstances, or not.
  • Free will: It must state the donor is gifting the property out of his own free will and not due to coercion, fraud or undue influence.

LAWS GOVERNING THE GIFT DEED

The different laws which govern various aspects of Gift Deed in India are as follows:

  • Transfer of Property Act, 1882
  • The Indian Contract Act, 1872
  • Stamp Duty Act (State specific)
  • Registration Act, 1908
  • Indian Succession Act, 1925
  • Hindu Succession Act, 1956
  • Hindu Undivided Family and Hindu Partition Act of Property, 1892
  • The Muslim Personal Law (Shariat) Application Act, 1937

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Frequently asked questions

What is the importance of gift deed?

A gift deed allows the property owner to gift the property and avoid any future dispute arising out of succession or inheritance claims.

In fact, a registered gift deed acts as a strong evidence in the court of law, in case of any challenges to the said property.

Which kind of property can be transferred using Gift Deed?

Both moveable, as well as immovable properties can be transferred

How to make the Gift Deed legally enforceable?

 

  • Drafting: Draft the Gift Deed in a effectual and unambiguous manner.
  • Signature: Capture the signatures of both, the donor and the donee.
  • Witnesses: Two witnesses to bear testimony and their signatures at the end of the Gift Deed.
  • Stamp Paper: Print it on stamp paper of a requisite value.
  • Registration: Register the deed before the office of the Sub-Registrar.

Is Gift Deed required to be stamped?

Yes.

Is Gift Deed require to be registered?

Yes, a Gift Deed is required to be registered in case the value of immovable property is at least of INR 100 or more.
 

Can Gift Deed be cancelled?

A gift deed can only be revoked in case there is such clause under the Gift Deed. On the other hand, a Gift Deed that has been obtained by undue influence, fraud or misrepresentation can always be challenged before the appropriate court of law

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