Concepts You Need To Know About Gift Deed
Although there are numerous ways through which one can transfer the land and property as a present, it's ideal to follow a legal procedure by the medium of gift deed.
What is a Gift Deed?
Gift Deed is the method used by the donors to transfer a gift to family or friends without any monetary exchange. But one needs to register with the gift deed to make a valid transfer. It's crucial that all the deeds must be signed by the donor and attested by minimum 2 witnesses. Once the whole process is well-executed and registered by confirming all the legal rights, the recipient will finally become a permanent owner of the property.
Features of Gift Deed
Amazing Benefits of Gift Deed
Frequently Asked Questions
Q1 - What do you mean by gift deed?
Basically, it is a legal document which describes that the donor has transferred the property to the donor without exchange of money.
Q2 - What can be gifted by the donor to the done?
It might be well-defined movable or immovable property. It's necessary that the gift must be tangible, transferable but not like a future property.
Q3 - What is a gift deed contains?
A gift deed contains the complete details of the donor, done, rights/authority of the donor, property description along with confirmation clause on the delivery of possession.
Q4 - What is the process to register for gift deed?
According to the provisions of the Registration Act, 1908, below are the few common steps which are involved in registration: