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A gift deed is a document through which a person or persons (i.e. a donor) can transfer its property to another person or persons (i.e. donee) by way of the gift without payment of any money or other consideration.
A gift deed can be used when a person, being a valid owner of an existing property, wishes to gift his property to someone. A minor is incompetent to gift property. Gift deeds can be used by natural persons and not by corporate entities.
How to use the document?
Record the details of the donor and donee and the property that is being gifted through the gift deed. If the gift deed comes into effect on a certain date or on the happening of an event, the same can be included in the Gift Deed. For example, if the donee will get the property only upon marriage, then the same can be described in the document.
The Gift Deed would need to be printed on non-judicial stamp paper or e-stamp paper, which is available in certain states. The value of the stamp paper would depend on the state in which it is executed and where the property is situated. Each state in India has provisions in respect of the amount of stamp duty payable on the Gift Deed, and the same would need to be determined based on the specific facts of the case. Information regarding the stamp duty payable can be found on the State government websites. For instance, the website of the state of Karnataka provides details of stamp duty payable on Gift Deeds.
After printing the document on stamp paper or e-stamp paper, as applicable, the Gift Deed is to be signed and each party can keep a copy of the Gift Deed.
Pursuant thereto, the Gift Deed would need to be registered if the property being gifted is immovable property. For the purposes of registration, both the donor and donee have to go to the sub-registrar office.
The provisions of the Transfer of Property Act, 1882 are applicable to gifts of immovable property. In terms of the Transfer of Property Act, 1882 read with the Registration Act, 1908 all gift deeds of immovable property are compulsorily registrable.
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