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Gifting Property in India via Gift Deed.
- contactgetitdonein
- Jul 28, 2024
- 2 min read
A Guide to Transferring Immovable Property Through Gift Deed :
Looking to transfer a property to a loved one in India? A Gift Deed can be a straightforward and cost-effective way to do so. But navigating the legalities can seem daunting. This guide will walk you through the process of transferring immovable property through a Gift Deed in India, ensuring a smooth and successful transaction.
What is a Gift Deed?
A Gift Deed is a legal document that records the gifting of immovable property (land, house, etc.) from a Donor (giver) to a Donee (receiver). It serves as concrete proof of ownership transfer and helps avoid future disputes.
Why Use a Gift Deed?
There are several advantages to using a Gift Deed:
Cost-effective: Compared to sale deeds, gift deeds typically involve lower stamp duty and registration charges.
Clear Ownership Transfer: A registered gift deed provides a clear legal record of ownership transfer.
Tax Benefits: In some cases, gift deeds can offer tax benefits to the Donee.
Steps Involved in Transferring Property Through Gift Deed:
1. Drafting the Gift Deed: Involve a lawyer to ensure the deed adheres to legal requirements. The deed should clearly mention:
Details of donor and donee (names, addresses)
Description of the property (location, survey number, area)
Declaration of gift (mentioning it's a gift and not a sale)
Signatures of donor, donee, and witnesses (at least two)
2. Documents (required to register GIFT DEED):
Donor’s Registered Deed
Latest Encumbrance Certificate
Current Financial Year Tax Paid Receipt
Khata Certificate & Extract
Donor’s Aadhar and PAN
Donee’s Aadhar and PAN
Printed ‘GIFT DEED’ for Registration
3. Stamp Duty and Registration: ( Fees / charges vary for blood and non-blood relatives ):
Purchase non-judicial stamp paper of the required value ( varies by every State in India).
Pay Stamp Duty and Registration fees at the Sub-Registrar's office with jurisdiction over the property.
4. Execution and Registration:
Both Donor and Donee must sign the Gift Deed in the presence of witnesses.
Present the signed deed along with fee receipts at the Sub-Registrar's office for Registration.
5. Post-Registration:
The Sub-Registrar will verify the documents and Register the Gift Deed.
Obtain Certified Copies of the Registered Gift Deed for your records.
Conclusion :
By following these steps and considering the crucial points, you can effectively transfer immovable property through a gift deed in India. Please remember, this guide provides a general overview, and it's always recommended to consult with a legal professional for personalized advice based on your specific situation. Thanks .
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