A gift deed is a record through which an individual or people (for example a benefactor) can move its property to someone else or people (for example donee) by method of gift without installment of any cash or other thought.
A gift deed can be utilized when an individual being a substantial owner of a current property wishes to gift his property to somebody. A minor is inept to gift a property. Gift deeds can be utilized by characteristic people and not by corporate substances.
How to use the document
Record the subtleties of the giver and donee, and the property that is being skilled through the gift deed. On the off chance that the gift deed becomes effective on a specific date or on occurring of an occasion, the equivalent can be remembered for the Gift Deed. For instance, on the off chance that the donee will get the property just upon marriage, at that point the equivalent can be portrayed in the report.
The Gift Deed should be imprinted on non-legal stamp paper or e-stamp paper which is accessible in specific states. The estimation of the stamp paper would rely upon the state wherein it is executed and where the property is arranged. Each state in India has arrangements in regard to the measure of stamp obligation payable on the Gift Deed and the equivalent would should be resolved dependent on the particular realities of the case. Data in regards to stamp obligation payable can be found on the State government sites. For example, the site of the territory of Karnataka gives subtleties of stamp obligation payable on Gift Deeds.
In the wake of printing the archive on stamp paper or e-stamp paper, as relevant, the Gift Deed is to be marked and each party can keep a duplicate of the Gift Deed.
Good thereto, the Gift Deed would be enrolled if the property being talented is enduring property.For the motivations behind enlistment, both the contributor and donee need to go to the sub-registrar’s office.
Applicable law
The provisions of the Transfer of Property Act, 1882 are applicable to gifts of immovable property. In terms of the Transfer of Property Act, 1882 read with the Registration Act, 1908 all gift deeds of immovable property are compulsorily registrable.