Gift Deed

A gift deed is a legal document that transfers ownership of a tangible or intangible asset from one person (the donor) to another person (the recipient) without any exchange of money or consideration. The transfer of the asset is considered a gift and is typically done for reasons such as love, affection, or goodwill.

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Overview of Gift Deed

A gift deed is a legal document used to transfer ownership of a property, asset or other item from one person to another as a gift. It is a voluntary and irrevocable transfer of ownership from the donor to the recipient and is usually done out of love, affection, or goodwill.

The document typically contains details of the donor, recipient, the asset being transferred, and the terms and conditions, if any. Once the gift deed is signed, the transfer of ownership is complete, and the recipient becomes the legal owner of the asset without any exchange of money or consideration. It is a simple and common way of transferring property ownership within families or between individuals, and it can have significant legal implications that should be carefully considered.

Advantages of Gift Deed

Legal recognition	Gift deed registration for property provides legal recognition to the transfer of ownership of the property from the donor to the recipient. This ensures that the recipient’s ownership of the property is legally valid and enforceable
Avoidance of disputes	A registered gift deed can help avoid future disputes between family members or other parties regarding the ownership of the property. This is because a registered gift deed is legally binding, and the terms and conditions of the transfer are clearly documented
Tax benefits	The transfer of a property through a registered gift deed can have tax benefits for both the donor and the recipient. The donor can claim tax exemption on the gift given, while the recipient is not required to pay any tax on the gift received

Registration Process

Step 1: Consultation with Legal Suvidha
The first step is to consult with Legal Suvidha to understand the process of registering a gift deed for property. Legal Suvidha will guide you through the legal requirements and formalities involved in the registration process.

Step 2: Drafting of Gift Deed
Once you have consulted with Legal Suvidha, the next step is to draft a gift deed. Legal Suvidha will assist you in drafting a legally valid gift deed that meets all the necessary legal requirements.

Step 3: Execution of Gift Deed
After the gift deed has been drafted, it must be executed by the donor and the recipient in the presence of two witnesses. Legal Suvidha will ensure that the execution is carried out in accordance with the legal requirements.

Step 4: Stamp Duty and Registration
Once the gift deed has been executed, it must be stamped and registered with the relevant authorities. Legal Suvidha will assist you in calculating the stamp duty and will ensure that the gift deed is registered with the appropriate authorities.

Step 5: Delivery of Possession
After the registration process is complete, the donor must deliver possession of the property to the recipient. Legal Suvidha will assist you in ensuring that the possession is delivered in accordance with the terms and conditions of the gift deed.

In summary, Legal Suvidha can assist you in the entire gift deed registration process, from consultation to drafting, execution, stamp duty and registration, and delivery of possession, ensuring that the process is legally valid and hassle-free.

Required Documents

1. Original title deed of the property: The original title deed of the property being gifted must be submitted for registration

2. Identity proof of donor and recipient: The donor and recipient must provide their identity proof, such as Aadhaar card, PAN card, or passport

3. Passport size photographs: Passport size photographs of both the donor and the recipient are required

4. No Objection Certificate (NOC): If the property is mortgaged or has any pending dues, a No Objection Certificate (NOC) from the concerned authorities must be obtained

5. Encumbrance Certificate: An Encumbrance Certificate (EC) that shows that the property is free from any liens or encumbrances must be obtained

6. Gift Deed: The gift deed must be drafted on a stamp paper of the requisite value and signed by the donor, the recipient, and two witnesses

7. Receipt of Payment of Stamp Duty and Registration Charges: Proof of payment of the stamp duty and registration charges must be provided

FAQ's Gift Deed :-

What are the conditions for valid gift deed?

Both the donor and the donee must sign the gift deed on every page, and at least two witnesses must certify to their signatures. To be valid, the gift must be accepted by the donee during the giver’s lifetime and while the donor is still conscious. The cost of the stamp paper used to execute the gift deed differs from state to state.

What is the time limit of gift deed?

The donee must accept gifts throughout the donor’s lifetime, according to the usual rule. But, the Honourable Courts of India have made it plain that a Gift Deed that is recorded after the donor’s passing is still enforceable.

Is there any tax on gift deed?

Gifts (i.e., real estate acquired without payment) made only to celebrate a person’s marriage are not subject to tax. There is no other situation than marriage where a gift received by an individual is exempt from taxation.

Can gift deed be challenged after 3 years?

Unfortunately, the registered gift deed cannot be contested or revoked after three years have passed from the date of execution since the statute of limitations has run.

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