Welcome to the official blog of the Law Offices of Kr. Vivek Tanwar Advocate and Associates, where we are dedicated to providing litigation support services for matters related to Gift Deeds. In today’s blog post, we aim to shed light on the prevailing issues regarding Gift Deeds Procedure, the legal framework for their protection, and the steps we can take as a society to combat these acts. Join us as we explore this critical subject and empower you with the knowledge to protect your rights and safety.
A gift deed is a legal document that facilitates the transfer of property or assets from one person (the donor) to another (the donee) without any monetary exchange. This process involves a series of steps to ensure a transparent and lawful transfer. This article provides an in-depth guide to the complete procedure of creating and executing a gift deed.
Step 1: Intent and Consent:
The first step in the gift deed process is for the donor to have a clear intent to gift a specific property or asset to the donee. Both parties must willingly consent to the gift without any coercion or undue influence.
Step 2: Documentation:
Gather all relevant documents related to the property or asset being gifted, including the title deed, tax receipts, and any other legal documents. Ensure that the property is free from encumbrances, and there are no pending legal issues.
Step 3: Drafting the Gift Deed:
Engage the services of a legal professional or a qualified draftsman to create the gift deed. The document should include detailed information about the donor, donee, description of the property, and any specific terms and conditions associated with the gift. Both parties should thoroughly review the draft before finalization.
Step 4: Stamp Duty Payment:
Determine the applicable stamp duty for the gift deed as per the local regulations. Pay the stamp duty at the designated government office. The amount varies based on the value of the property and the prevailing stamp duty rates in the respective region.
Step 5: Registration:
Execute the gift deed on non-judicial stamp paper of the prescribed value. Both the donor and donee must sign the document in the presence of two witnesses. After execution, register the gift deed at the local sub-registrar office. Registration provides legal validity to the document and prevents any future disputes.
Step 6: Delivery of Possession:
For immovable property, symbolic delivery of possession is necessary, which signifies the transfer of ownership from the donor to the donee. This can be done through the handing over of keys, documents, or any other method that symbolizes the transfer.
Step 7: Compliance with Legal Formalities:
Ensure that all legal formalities and procedures specific to the region are adhered to. This may include obtaining a No Objection Certificate (NOC) from the local authorities and complying with any additional requirements stipulated by the law.
Step 8: Updating Records:
After the gift deed is registered, update the property records to reflect the change in ownership. This includes updating the revenue records and notifying relevant authorities about the transfer.
The gift deed process involves careful planning, legal documentation, and adherence to local regulations. By following this comprehensive guide, individuals can navigate the complexities of transferring property through a gift deed smoothly. It is advisable to seek legal assistance to ensure that the gift deed is executed correctly and complies with all applicable laws, thereby safeguarding the interests of both the donor and the donee.
We are a law firm in the name and style of Law Offices of Kr. Vivek Tanwar Advocate and Associates at Gurugram and Rewari. We are providing litigation support services related to law matters in India, please do not hesitate to contact us. We are here to provide you with expert legal counsel and representation tailored to your specific needs and concerns.
Written by: Divya Yadav