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Gift Deed Drafting

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Gift Deed Drafting

What is Gift Deed?

A gift Deed is a document through which a person voluntarily gifts his movable/immovable property to another person. A gift Deed reduces the chances of disputes in cases of inherited property. The State Government fixes the fee for the Registration of Gift Deeds. Such things given as a gift can be movable or immovable property. A gift deed is an essential document in succession as it differs from a valid 'will' prepared by the property owner.
Unlike a will, a gift deed becomes effective immediately, and there is no need to go to court for its enforcement. Hence, a Gift Deed saves time as compared to Will. Under a Gift Deed, the person giving the property is called the Donor, and the receiver is called the 'Donee.'

Which property can be gifted?

For a property to be a gift under Indian laws, it must satisfy the following requirements:

•    The property must be movable or immovable.
•    Property must be transferable.
•    The property should not be a future asset.
•    The property must be tangible (touchable).

Validity of the Gift Deed:

The validity of the Gift Deed has been mentioned in the Transfer of Property Act. According to the Act, a gift deed is valid only when:

•    The property mentioned in the Gift Deed must be present at the time of gifting.
•    The person gifting the concerned property should be its legal owner.
•    The Gift should be voluntary and without any coercion.
•    The Gift should not include money or other benefits.
•    The Donee must accept the gifted property in the Donor's lifetime.

Documents required for Registration of gift deed:

Gift Deed Registration is done in the office of the Registrar/Sub-Registrar. However, to get the Gift Deed Registration done, some important identification and property documents are required, such as:

•    Original gift deed
•    ID Proof like Aadhaar Card, Driving License
•    PAN card of the person giving the Gift and the recipient
•    Documents like sale deed or title deed to prove the ownership of the gifted person
•    Passport size photograph
•    ID proof of witnesses
•    Address proof of witnesses.

Parts of the Gift Deed

A gift deed consists of several parts and details that must be mentioned in the document. There are several sections of the Gift Deed:

•    Voluntary transfer: The gift deed should clearly state that the gift property is being transferred voluntarily and that he is not under any duress/risk at the time of gifting the property.
•    Details of Donor and Donee: The name, address, and relationship of the Donor and the Donee should be written in the Gift Deed.
•    Reason: The gift deed should state that the person giving the Gift is gifting the property out of attachment to the Donee and will not take any money in return.
•    Description of the property: The area, length, and plan should be mentioned in the Gift Deed, so everything is fine later.
•    Property rights of the Donee: The property rights of the Donee should be mentioned in the deed of Gift. The gift deed should clearly state that the Donee can sell, lease or rent the property at his Will. The Donee can also mortgage the property.
•    Acceptance by the Donee: The gift deed must state the approval of the gifted property by the Donee.
•    Witnesses: Since the presence of two witnesses is necessary for making the Gift Deed, the name and address of the witnesses should be mentioned in the Gift Deed. The gift deed must be signed and attested by two witnesses.
•    Revocation: The gift deed does not have a voluntary revocation clause, and the ownership is transferred to the Donee after the deed is executed.

Terms of cancellation of gift deed: Following are the steps to cancel the gift deed:

•    It is essential to have a clause or understanding between the Donor and the Donee regarding the circumstances of the cancellation of the gift deed. It could be a failure or a special event.
•    While receiving the Gift, the condition of revocation of the gift deed should be accepted by the Donee and should not be based solely on the Donor's Will.
•    Any gift which was not based on any fraud cannot be set aside unilaterally. In such cases, the Donor and recipient must go to court to get it annulled.

How to draft a Gift Deed?

You can use the following method while drafting the gift deed:

•    Above the place where the gift deed is to be drawn, that place and date should be mentioned.
•    Both parties should sign all the relevant information like address, name, date of birth, and signature.
•    Give complete details of the property for which the deed is being prepared.
•    The Gift Deed must have two witnesses and their signatures.
•    The gift deed should be printed on stamp paper by paying the specified amount. After doing so, it should be registered in the Registrar's or sub-registrar's 

•    What is a gift deed?
A gift deed is a document that transfers property from one person to another as a gift. A gift deed is valid only when a family member/friend does it without any consideration in return for the other. According to section 17 of the Registration Act 1908, it is mandatory to register a gift deed.

•    What if the gift deed is not accepted?
If the Donee does not accept the gift deed during the Donor's lifetime, then the gift deed is considered void.

•    How to make a gift deed for a property?
As per the Transfer of Property Act, the transfer of residential property under Gift must be affected by a document/instrument. It should be signed by the person gifting the property or registered by at least two witnesses.

•    Can gift deeds be a challenge?
A gift deed can be challenged in a court of law on the ground of its validity under the law of its validity and proof of its invalidity.

•    Who can give a gift deed?
The owner of an immovable property can gift that property to any of his relatives or a third person. Any property given as a gift is legally valid only if provided voluntarily and without receiving anything in return.

•    How can a lawyer help with a gift deed?
The lawyer is responsible for the legal documentation and handling of the gift deed. A gift deed is a legal document that can be executed only under the guidance of a lawyer. Thus, the lawyer helps draft and register the gift deed and ensures that all legal requirements are met.

Why choose Vakilkaro?

Behind every successful law firm are the hard work of its advocate team and the trust of its clients. Advocates at Vakilkaro are well-experienced in preparing the Gift-Deed Drafting and Gift Registration and have vast knowledge about every legal matter. Vakilkaro prepares Gift-Deed Drafting and Gift Registration for you online and gives it just in time. Vakilkaro is a perfect blend of the best professionals from across the globe. It guarantees service at the lowest and most reasonable rates in India. Suppose you want to write a Gift-Deed Drafting or register your Gift. Only the best Vakilkaro advocate can help you in that case because only Vakilkaro has India's top lawyers related to Gift-Deed Drafting.

Vakilkaro is the best firm in India to make online Gift-Deed Drafting and Gift Registration. Contact the best Gift-Deed Drafting and Gift Registration Lawyer in Vakilkaro today. You can give us a call at 9828123489 or may write an Email also at help@vakilkaro.co.in. We are here to serve you 24/7.

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