Gift Deed

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What is Gift Deed

A Gift Deed is a legally binding document which is used when one person wants to transfer a gift to another person without exchange of money.The person who is giving the gift(owner) is called as donor and the person who is receiving the gift(receiver) is called as donee.

Process for Gift Deed Registration

As per The Transfer of Property Act,1882 get instant registration with 3 simple online steps at https://legalDocs.co.in



step1

Application: Fill information on LegalDocs website’s gift deed form and create a draft.

step2

Stamp Duty Payment:Printing of the draft on stamp paper, calculating stamp duty and` signing of parties involved.

step3

Registration Scrutiny and Approval:Reply to queries raised by the office and registering with the concerned authorities will be handled by us.(All the parties must be present while execution of Gift Deed).

Gift as defined in the Transfer of Property Act,1882:

"Gift" is the transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee.

Documents required for Gift Deed Registration

Documents required

Original Gift Deed to be executedOriginal Sale Deed of the propertyEncumbrance Certificate
Document certifying Ready Reckoner Value andPAN card of both the parties to execute Gift Deed.You need 2 witnesses at the time of execution of Gift Deed
Other documents may require according to state requirements

Gift Deed FAQs

Gift Deed is a legally binding document for the transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person, called the donor, to another, called the donor, and accepted by or on behalf of the donee.
Donor and donee can agree on a specific event that might lead to cancellation of gift deed and specifics of the events must be added in the gift deed.Cancellation of gift deed means gift will not be transferred to the donee and gift deed will be considered as void. Cancellation deed must be executed for this purpose
A Gift Deed can be made only when the donor is not a minor.
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.
A future property cannot be transferred through a Gift Deed.
A Gift Deed becomes void if the donee decides to reject the gift.
No exchange of money is involved between the donor and the donee in a Gift Deed.
A donor needs to be alive for execution of Gift Deed otherwise Gift Deed is considered void.
Transfer of Property Act,1882 governs the Gift Deed.
A Gift Deed is executed when the donor is alive while a Will is executed after the death of the owner.
The donor and donee may agree that on the happening of any specified event which does not depend on the will of the donor, a gift shall be suspended or revoked, but a gift which the parties agree shall be revocable wholly or in part, at the mere will of the donor, is void wholly or in part, as the case may be.A gift may also be revoked in any of the cases in which, if it were a contract, it might be rescinded.
Stamp duty varies from state to state. For example, stamp duty in maharashtra is at 3 percent of market value of the property.
These fees are calculated by stamp duty and registration fees and service charges.LegalDocs provides the best charges for these services.

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