Gift Deed
Legal document for voluntary transfer of property without consideration as a gift under the Transfer of Property Act, 1882.
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Instructions
1. Ensure the donor is of sound mind and acting voluntarily.
2. The gift must be accepted by the donee during the donor's lifetime.
3. For immovable property, the gift deed must be registered under Section 17 of the Registration Act.
4. Enter complete details of both donor and donee with relationship.
5. Describe the property accurately and mention its approximate value.
6. Pay applicable stamp duty which varies by state and relationship.
7. Two witnesses are required at the time of registration.
Frequently Asked Questions
Is stamp duty different for gifts to relatives?
Yes, many states have reduced or nil stamp duty for gifts between close blood relatives. Check your state's specific rates.
Can a gift be revoked?
Generally, gifts are irrevocable once made and accepted. They can only be revoked in limited circumstances under Section 126 of the Transfer of Property Act.
Are there tax implications?
Gifts to close relatives are exempt from income tax. Gifts to others may be taxable if the value exceeds Rs. 50,000.
What is the difference between gift and will?
A gift transfers property during the donor's lifetime and requires acceptance. A will takes effect only after death and can be revoked anytime.
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