Overview
A Gift Deed is a legal document used to voluntarily transfer ownership of movable or immovable property from one person to another without any monetary consideration. The person giving the gift is known as the donor, and the person receiving it is called the donee. Gift Deeds are commonly used in India to transfer property among family members, such as parents gifting property to children or between spouses and relatives.
Under the Transfer of Property Act, 1882, a gift must be made willingly and without any pressure or exchange of money. For immovable property such as land, house, or flat, registration of the Gift Deed is mandatory to make the transfer legally valid. For movable property like cash, jewellery, or shares, registration is not compulsory but proper documentation is still recommended to avoid disputes.
Gift Deeds help ensure clarity of ownership and reduce the risk of future legal conflicts. They are also beneficial from a tax planning perspective, especially when gifts are made to specified relatives, as such gifts are exempt from income tax under the Income Tax Act. However, stamp duty and registration charges are applicable and vary from state to state.
BizGlobal assists individuals and families in drafting and registering legally compliant Gift Deeds with complete clarity and transparency. Our professionals ensure correct documentation, stamp duty calculation, and smooth registration, helping clients avoid future disputes and legal complications.
