Gift Deed Format4/13/2021
Finally, the amount of stamp duty paid and the signatures of the donor and donee and two witnesses shall be recorded.
Gift Deed Format Registration Of AAny subsequent registration of a gift deed after the death of the donor at the instance of the donee does not offend Section 123 of the Transfer of Property Act, 1882.The deed which is executed in this regard is known as gift deed.Mostly, such gifts are within the members of the family and there is no restriction. The gift deed has to be registered according to the section 17 in the Registration Act, 1908 and the 123 section of the Transfer of Property Act. To make this transfer valid, though, you need to create what is called a gift deed, register the agreement and pay stamp duty on the property. ![]() Therefore, only persons 18 or above, having sound mind, and able to contract under any law may gift property. A minor may accept a gift, but only through a natural guardian. ![]() If you are gifting only a share in the property, stamp duty will have to be paid on only this amount. Once the stamp duty is paid, the deed will need to be registered. Registration charges are 1 in most states, subject to an upper limit. In Bangalore, the ceiling is Rs. At this time, in case of a co-operative housing society, the shares should be transferred to the recipient and the procedure is complete. Only the latter of the two types requires a gift deed, whereas movable property may be transferred by delivery alone. However, if you feel it necessary for a gift deed to be made for even movable property, you may do so. This is particularly advisable in case of a large sum of money. This is because the gift deed attests the willingness to transfer the property in question. It then moves on to the details of the person in whose favour the property is being conferred, which is the donee. His age, occupation and place of residence have also to be mentioned. The address of the property can be mentioned or you may just point to another section of the deed where the location is specified. The length of time for which the property has been held may also be mentioned. The deed shall also state that the property will be transferred, along with the liberties, rights, title, privileges, easements, claims, demands and benefits attached to the property, subject to the payment of the necessary taxes. With this, the donor relinquishes his right to the property. Usually, a gift deed will contain the following line: The donee may, at all times, hereinafter peacefully and quietly enter upon, take possession of the scheduled property and enjoy the said scheduled property as he deems fit without any interruption, claim or demand whatsoever from or by the donor or his heirs, executors, and administrators.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |