Gift Deed

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

Required Paperwork

  • 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

  • When you send us your paperwork, our experienced staff will review your paperwork with local government officials to determine the service’s cost, feasibility, and completion date. After a quote has been given, it remains fixed. Location affects project duration and cost. Send us your documents and specific requirements to get a price and turnaround estimate.
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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
Step 1

Application: Fill out the information on the LegalDocsAdvisor website’s gift deed form and make a draught.

Step 2

Payment of Stamp Duty: Printing the draught on stamp paper, figuring out the stamp duty, and getting everyone to sign it.

Step 3

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

Documents required

Original Gift Deed that Will Be Carried OutOriginal sale deed for the propertyEncumbrance Certificate
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.

FAQS

A gift deed is a document that is legally enforceable and is used for the transfer of specific existing movable or immovable property from one person, called the donor, to another person, called the donee, and accepted by or on behalf of the donee. This transfer of property is performed willingly and without consideration by one person, named the donor, to another person, called the donee.
Both the donor and the donee have the ability to reach an agreement on a particular occurrence that could result in the gift deed being cancelled. The gift deed must contain specifics regarding the events.The gift will not be transferred to the donee, and the gift deed will be declared null and invalid if the gift deed is cancelled. In order to accomplish this goal, you will need to perform a cancellation deed.
It is required that the donor be an adult in order to create a gift deed.
A gift can be transferred to a minor through Gift Deed by appointing a guardian and transferring the gift to the guardian until the minor comes of age.
In the event that the donee decides to turn down the present, the present Deed automatically becomes invalid.
In a Gift Deed, there is no exchange of money between the giver and the recipient.
For a Gift Deed to be valid, the donor must still be living. If the donor is no longer alive, the Gift Deed is considered invalid.
The Gift Deed is regulated under the Transfer of Property Act of 1882.
A Gift Deed is signed while the donor is still living, while a Will is signed after the owner dies.
It’s different in different places.

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.

Stamp duties are calculated differently in each state. In the state of Maharashtra, for instance, the stamp duty is equivalent to three percent of the property’s current market value.
Stamp duty, registration fees, and service costs are all factors that go into determining this fee’s total.The fees that LegalDocsAdvisor charges for these services are the most competitive.