A Gift Deed is an important legal document that signifies a transfer of gift as per the provisions of the law from one person to another. Gift Deed is a lawfully binding written document by which the donor can transfer an existing movable/immovable property to the donee voluntarily, as defined in Section 122 of the Transfer of Property Act, 1822.
A Gift Deed is lawful only ‘without any consideration’ in return if given out of love and affection, by one family member/ friend to another. It is obligatory to have a registered Gift Deed if you want to transfer immovable property U/s 17 of the Registration Act, 1908.
What type of properties can be gifted?
The properties can be gifted as follows:-
• A movable or immovable property
• A tangible property
• A transferable property
• An existing property
What are Documents required for Gift Deed registrations?
After making sure that your Gift Deed is signed & attested by witnesses, you have to pay the stamp duty and registration charges as per your state regulations. You need to carry a few other documents like –
• Aadhar Card
• ID Proofs, like Driver License, Passport, etc
• PAN card of both the parties for the execution of Gift Deed.
• Original Gift Deed to be executed
• A document like Sale deed to prove donor title to the Property
• You will require two witnesses at the time of execution of Gift Deed
• Encumbrance Certificate
• A document certifying Ready Reckoner Value and
• Other Agreements which you might have entered into concerning Property
• Other materials may require according to state requirements
You might need other documents, as this list is not exhaustive. You may need to add like certificates relating to your property’s value, depending on your state, etc.