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Documents required for gift deed registration in hyderabad
A commonly used method, especially when transferring to a family member or friend, is executing a gift deed in favour of the recipient.
Attestation by two witnesses is required during registration and post registration, title transfer is possible.
If recipient is a family member, then only.5 of the market value of the property has to be paid as stamp duty.
The amount of stamp duty and registration charges payable, with respect to a gift deed, are generally the same as in the case of a regular sale.Registration of gift deed is done as per the provisions of the Registration Act, 1908.What is a Gift Deed?In case of donee being a minor, a natural guardian can accept a gift on his behalf.Will on the other hand is prone to litigation.Once the donee is an adult, he must either accept the burden or return the gift.For instance, if the property was gifted so that the recipient can reside in it, upon death of the recipient, the property will get transferred back to the donor if she is alive, else to the heirs of the recipient.Legal requirements for gift of property.Gift Deed is a contract between donor and the donee which defines simultaneous and reciprocal act of giving and taking.
However, rules ballard designs shipping coupon code vary across states; certain state governments even offer some concession if the property is being gifted to blood relatives.
Besides that, once a gift deed is registered in the name of the recipient, only then can she apply for mutation of the property.
Anything which qualifies as gift must have following properties.
A gift to be valid must be made by a person voluntarily and not legalwills ca coupon code under compulsion without any exchange of money.
First Published: Wed, Sep 02 2015.It should exist today and should not be a future property.If you dont do this, the transfer will be invalid.It must be transferable.However, if the gift deed is executed between some specified close relatives, some states provide concessions in stamp duty.An exception to this rule is the case in which either of donor or donee is a minor.In case donee fails avion rewards hotels to accept the gift, it is rendered invalid.07 37 PM IST.For instance, in Delhi, the stamp duty in case of property transfer by way of sale or gift deed is the same4 for men and 6 for women.Although gifting is common, only few of us understand the legal implications of gifting process.
However, income tax laws also give a favourable treatment, to gifts between two close relatives.