Everything you need to know concerning Gift Deed

A Gift Deed is a legal instrument that permits the original property owner to willingly consider giving their property as a gift to another individual, trust, or organization. The presence of this document aims to alleviate conflicts that may develop as a result of inheritance claims. We have elaborated on the judicial process and the main provisions of the deed in this blog.

A Gift Deed is a legal document that explains the voluntary transfer of property, whether movable or immovable, to another person without any monetary transaction. The property owner may transfer it to an individual or an organization; but it must be acknowledged by the donee (receiver) within the donor’s lifetime and must be recorded with the sub-registrar under Section 17 of the Registration Act, 1908. A Gift Deed, like a Sales Deed, includes information on the transferor and the beneficiary.

Getting a certified gift deed in place helps to prevent any potential future dispute.

A deed’s features

The following information must be included in a donation deed:

• The date and location where the deed is recorded
• Donor information (name, birth date, father’s name, and address)
• Donee information (name, father’s name, date of birth, and relationship to the donor)
• The connection between the giver and the donee
• Clarification of the character given
• Both the donor’s and the donee’s signatures are required.
• Information about two witnesses who were present at the moment of the property transfer
• Witnesses’ signatures

Procedure for transferring property using a Gift Deed.

• Draft gift deed

According to Aditya Khadri, a Legal Expert, a gift deed is a legal document that provides facts about the property transfer and is made with the assistance of an attorney. It should include vital information about the transferee. The transfer should be voluntary rather than coerced.

• Acceptance of the transaction

Once the donee gets the property while the donor is still alive does the acceptance phase of the gift transfer conclude. Taking ownership of the item validates the acceptance.

• Registration

A gift deed should only be used to transfer ownership of a registered property. To certify the deed, at least two witnesses are necessary. Typically, the number of witnesses necessary varies by state.

Documents necessary for the registration of a Gift Deed

The initial gift deed, as well as ID proof, PAN card, Aadhaar card, the property sale deed, and other papers relevant to other agreements, must be produced.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.