A gift deed is a legal document through which you can transfer your property to someone else. The person transferring the property is the donor and the person receiving it is the donee.
Who is it for?
Anyone who wants to gift an immovable property to another person.
Which property can I transfer?
You can transfer immovable property such as a house or land. But, the property must be existing property. You cannot transfer property which will come into existence in the future.
How is it Different from a Sale Deed?
It does not differ much in content. But, the difference lies in the consideration. You need a Sale Deed when you transfer property for a price.
You can transfer your property without charging any money from the other person through a Gift Deed.
Is it different from a Will?
A gift deed and Will are two different documents. A gift deed needs to be accepted by the donee during donor's lifetime. A will comes into force only after the donor's death.
What is the procedure for making a gift deed?
It involves three steps.
- Drafting the Gift Deed
- Acceptance of Gift Deed by the Donee
- Registration of Gift Deed
Both acceptance and registration are compulsory. The donee or any person on his behalf can accept the deed during the lifetime of the donor.
So, the deed will not be valid without registration and acceptance.
What documents do I need?
You don't need any documents for making a gift deed. But, you do need the following details.
- Details of the donor and the donee.
- Relationship between the donor and donee
- All details of the property such as location and measurements.
What is the fee?
Stamp duty and the registration fee is different for every state. The stamp duty depends on the value of the property. The professional fee starts from Rs. 4999.
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