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Gift Deed

One way to transfer both mobile and immovable property legally is through the use of a gift deed. An uncompensated, voluntary property transfer is made through a gift deed. The foundation of a gift is typically love and affection. A grandparent might give some of their grandchildren's ancestry as a present, to give one example.

According to Section 122 of the Transfer of Property Act, 1822, a gift deed is subject to rules. In addition, Section 117 of the Registration Act makes it necessary to register immovable property (that is provided as a gift).

Gift-Deed

In the sales deed agreement, lawyer Rohan Yemul provides the best solution and documentation. A gift deed can be created by any property owner. However, a gift deed must be made while the person is conscious and must have the approval of a nodal entity, such as a municipality, as well as the advice of legal counsel.

There are also certain doubts in the mind of clients regarding it such as,

Is there a stamp duty on the gift deeds?
Yes, I agree. A gift deed still constitutes an asset transfer, but it is also subject to stamp duty based on the value of the property.

Who Is Liable for the Stamp Duty?
The initial owner of the property is responsible for paying any necessary stamp duty. At the same time, the overall valuation may drop if the property is occupied by tenants. In this situation, a survey should be conducted to confirm the accurate appraisal of the immovable property at a specific moment.

Certain rules of the sales deed agreement are:

The choice to prepare a gift deed should be made by the only owner of the property without the use of force or compulsion;

While a gift deed is being created, the nominees of the property's primary owner won't have any special influence.

The donation deed under consideration must include a thorough description of the property;

It must be ensured that only love and trust are used in the creation of the gift deed.

In the event that a dispute emerges after the property is transferred into the receiver's name, only the owner shall bear the primary liability;

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