Documents required for Property Gift Deed registration
The original Gift deed.
The original sale deed of the property.
Certified ready reckoner value.
Pan card of both parties (execution purposes).
Two different witnesses at the execution period.
Any other document as may be required by the State government.
A gift deed is a legal document which describes the transfer of moveable or immovable property made voluntarily by the owner of the property to the receiver without any exchange of money. Both moveable and immovable properties come under the ambit of a gift deed.
What can be gifted?
It should be a movable or immovable property.
It should be tangible property.
It should have transferability.
The property to be gifted should be there in the present and should not be of a property which is deemed to be acquired in the future.
Benefits of a gift deed
It records the transfer of the property to the receiver.
It has evidentiary value and acts as legal proof.
It provides legal protection in case of any future disputes.
Charges for Gift Deed Registration
If a gift is made to a family member – Rs. 200/-
If made to anyone else – 5% of market value on immovable property.
Place of registration:
To be registered at the Sub Registrar office nearest to the immovable property.
Is it compulsory for me to get a gift deed registered?
Yes – For immovable property
No – Movable property
Exceptions to gift deed
Minors are an exception to gift deed. It can be done by a legal guardian on behalf of a minor. In case a gift is burdensome the minor has two options that are to either bear the burden or return the gift upon him attaining the age of majority.
The validity of an orally made gift
In order for a gift of immovable property to be valid, the law states that it must be registered and should be backed by legal paperwork.
How does Taxolawgy help you with issues related to gift deed?
Provides free consultation by our team of experts.