Gift Deed Registration

You must know that a gift deed is a document that records the deed of gift between the donor (the person who gives the present) and the donee (the person who receives the present). Although it is not mandatory to perform an act of donation when gifting property, it creates a documented record. A gift can be a movable or immovable property that is transferable and tangible.

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LEGAL BITS YOU SHOULD KNOW

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Drafting of a gift deed

Since the donation is a voluntary action, the act of gifting must state that the act deliberately and at the donor will without any force or constraint. The deed must also declare that the donor is solvent (not bankrupt) and that the donation made is without any consideration.

Acceptance of the gift

The next step is the acceptance of the present by the recipient. The signature of the recipient proves the acceptance of possession of the present. Another principal element of this stage is that the ownership of the gift must take place during the donor lifetime. Otherwise, the deed may be invalidated.

Gifts that involve real estate must register under the Transfer of Ownership Act. Unless the registration completed title does not pass to the recipient, in case of a real estate donation. Stamp duty is payable according to the value of the gift. To determine the fair value of the property to calculate stamp duty, certified appraisers will need to assess the property.

Points to note-

  1. A minor is not able to conclude a valid contract, so the minor cannot make a deed of gift. The guardian of the minor may accept a donation on behalf of his name.
  2. A donation once made cannot be revoked.
  3. Gifts made to relatives defined by the Income Tax Act are exempt from tax in the hands of the donee.

Conditions under which a gift can be repeal

Section 126 of the Transfer of Ownership Act provides the essential ingredients for revocation

How to apply

The donor and the donee must have an agreement in which the donation can be repeal whether or not a specific event occurs. The occurrence of this event should not depend on the donor. There must be a reason, other than need or want of consideration, for which a contract terminated. Such a condition must not be illegal or immoral and must not adversely affect the gift property. Section 126 is controlled by sec. 10. As such, a clause of the deed of gift completely prohibiting the alienation is void given the provisions contained in Sec. 10. A present in good faith cannot be abandon unilaterally. The court must be involved to revoke a bona fide present.

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