A gift deed is a legal document used to transfer ownership of property or assets from one person to another as a gift, without any exchange of money. The document outlines the details of the gift, including the nature of the gift, the donor's details, the recipient's details, and the terms and conditions of the gift.
Easy Process and Documentation
- Identity proof of the donor and recipient
- Details of the gift, including the property or assets being gifted
- Valuation of the property or assets being gifted
- Stamp paper and stamp duty payment receipt
- Witnesses to the signing of the gift deed (usually two witnesses are required)
Process, Service Charges, Time duration
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WHAT IS MEANING OF GIFT DEED
When one person wants to give something to another person without exchanging money, they can use a document called a gift deed to make the transfer official and legally binding.Both the person who is giving the gift (the owner) and the person who is receiving the gift (the recipient) are referred to as the donor and the donee, respectively.
PROCESS OF GIFT DEED REGISTRATION
According to the Transfer of Property Act of 1882, you can get quick registration by following 3 easy steps online at
Application: Fill out the information on the LegalDocsAdvisor website’s gift deed form and make a draught.
Payment of Stamp Duty: Printing the draught on stamp paper, figuring out the stamp duty, and getting everyone to sign it.
Review and Approval of Registration:
We will take care of responding to any questions or concerns that are made by the office and registering you with the appropriate authorities.(The execution of the Gift Deed requires the physical presence of all parties).
According to the Transfer of Property Act of 1882, a gift is:
A transfer of specific existing moveable or immovable property, made freely and without consideration, from one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee, is what we mean when we talk about a “gift.” The donor is the one who makes the transfer, and the donee is the person who receives the property.
REGISTRATION DOCUMENTS FOR A GIFT DEED
|Original Gift Deed that Will Be Carried Out
|Original sale deed for the property
|Certification of Ready Reckoner Value
|PAN card of both parties who are going to be executing the Gift Deed.
|When you sign a Gift Deed, you need two witnesses.
|Other documents may be necessary, depending on the regulations of the state.
The donor and the donee may come to an agreement that a gift will be suspended or revoked upon the occurrence of any particular event that is independent of the donor’s will; however, a gift that the parties agree shall be revocable wholly or in part at the mere will of the donor is void wholly or in part, depending on the circumstances.In any of the same circumstances that would allow for the cancellation of a contract, it is also possible to back out of a gift arrangement.