Gift deed is defined in Section 122 of the Transfer of Property Act, 1822. Gift deed is a document used for the transfer of property from one person to another person. Such transfer must be as per the required provisions related to the gift deed. Gift Deed is a lawfully binding written document by which the donor can transfer an existing movable/immovable property to the done voluntarily. 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.
- Original, signed donation deed
- Copies of the donor's and dome’s identification documents, such as their passports and driving licenses
- Evidence of the donor's ownership of the land, such as a sale deed or other documents.
- Additional court orders or documentation demonstrating the property's value.
A gift deed can now be easily registered using Legal Door:
You can register a gift deed with the aid of Legal Door.
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Yes, if the deed is registered and still under the ownership of the donor then the gift deed is capable of being cancelled.
There shouldn’t be any excessive pressure, coercion, fear, or threats throughout the transfer. The gift must express the transferor’s unambiguous intention to do so and the fact that the transfer is voluntary.
Advantages of gift deed are-
- Act as a Legal Proof.
- Tax Exemption.
- Freedom of Revocation.
- Ensure Absolute Ownership.