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.
Gift Deed is a legal document used to transfer the ownership of real property. It is a document that is used to give a specific property to someone else. The donation is made during the donor’s lifetime, so there are no risks or complications later on. It can also be a useful tool for helping out a loved one who is in need.
A gift deed must be signed by the titleholder of the property. It should not contain any future property or cash exchange. The donation and the donee must share the same relationship, and the transaction must be free of undue influence. If there is no blood relation between the donor and the donee, a state government may grant the donor a concession on the stamp duty. It is also important to include a clause that says the gift is revocable.
A gift deed must mention the nature of the gift. The gift must be free of undue influence. The donor should state that the donation is voluntary. It must also specify the rights and liabilities of the donee, including rights to sell or lease the property. A gift dee must also state the donee’s rights over the property. These include the right to live peacefully in it, the ability to make changes, and any profits from it.
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It is a transfer of existing movable or immovable property made voluntarily without consideration by one person to another.
Gift is made by one person called the donor to another called the donee. There should not be any consideration for making a gift. That is, the donor should not receive consideration of any kind while making a gift. The donee should accept the gift in the lifetime of donor.
Under the Indian Registration Act, any transfer of any immovable property, if the value of the property is more than Rs 100, should be in writing and should be registered.
The donor and donee may agree that on the happening of a specified event, which does not depend upon the will of the donor, a gift shall be suspended or revoked.
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