Gift Deed
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Overview
A gift deed is a legal document used to transfer ownership of property or assets from one party (the donor) to another (the donee) without any monetary consideration. It is a voluntary act of giving and receiving and is often used for purposes such as estate planning, wealth transfer, or fulfilling familial obligations. A gift deed must be executed with the intention of making an irrevocable gift, meaning the donor relinquishes all rights and interests in the property or asset transferred.
Procedure
The process of executing a gift deed typically involves the following steps:
Intent and Agreement
Drafting the Gift Deed
Execution and Signing
Acceptance by the Donee
Stamp Duty and Registration
Delivery of Possession
Retention of Documentation
Documents Required
The following documents are typically required for executing a gift deed
- Title Deeds: Documents establishing the donor's ownership of the property or asset being gifted, such as previous sale deeds, inheritance documents, or land records.
- Identity and Address Proofs: Valid identification and address proofs of both the donor and donee, such as Aadhar card, passport, or driver's license.
- Description of Property or Asset: Details regarding the property or asset being gifted, including its physical description, location, and any relevant specifications.
- Stamp Papers: Non-judicial stamp papers of the appropriate value for executing the gift deed, as per the stamp duty rates applicable in the jurisdiction.
- Witnesses: Witnesses to attest the signing of the gift deed, who must be present during the execution and signing of the document.
- Registration Fee: Payment of the registration fee for registering the gift deed with the appropriate authority, if required by local laws.
- Acceptance Letter: Written acceptance of the gift by the donee, acknowledging receipt of the property or asset and acceptance of the terms and conditions of the gift deed.
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