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Gift Deed
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What exactly is a Gift Deed?
Gift deed is a document that can also be used to transfer ownership of either movable (FD, Shares, Vehicle, Cash, Jewellery, etc) or Immovable (land, building, house, flat, etc) properties, from one person (the donor) to another (the donee) within the blood relation only, but without any monetary exchange. It is usually used to give movable and Immovable properties out of love, affection and freely and without any sort of money or reward. Usually, a Gift Deed is executed between family members in blood relation. Make sure that Gift Deed is duly stamped and registered in court. Gift Deed for gifting Immovable property must be duly stamped and registered in court for its legal enforceability.
Components of Gift Deed
In a gift deed in India, certain clauses that are typically included to ensure clarity and legal validity. Here are some common clauses:
- Identification of Parties: Clearly identify the donor from the blood relation only (the person giving the gift) and the donee (the person receiving the gift) with their full names, addresses, and other relevant details.
- Description of Property: Provide a detailed description of the property / properties which is to be gifted within blood relation only, including its location, boundaries, dimensions, and any other relevant specification.
- Confirmation of Gift: State unequivocally that the donor is gifting the property / properties within blood relation only to the donee without any consideration / amount / money, and that the gift is being made voluntarily and out of love and affection.
- Rights and Liabilities: Specify that the donee will have full rights and ownership over the gifted property, including the right to use, sell, or transfer it as they see fit. Clarify that the donor relinquishes all rights and liabilities associated with the property.
- Delivery of Possession: Confirm that the donor has delivered possession of the gifted property to the donee, or outline the process for transferring possession in the future, if applicable.
- Consideration Clause: Clearly state that the gift is being made without any monetary consideration and that it is irrevocable once executed.
- Warranties and Representations: Include clauses where the donor asserts that they have full legal capacity to make the gift, that the property is free from encumbrances, and that there are no legal impediments to the transfer.
- Witnesses and Signatures: Provide space for the signatures of the donor, donee, and witnesses, along with their names, addresses, and signatures, to validate the document.
- Stamp Duty and Registration: Ensure compliance with stamp duty and registration requirements as per the applicable laws in the concerned state, and mention the details of stamp duty paid and registration process completed.
How To Make It Enforceable And Legally Valid?
When you’re prepared to print the document, make sure it is error-free by following the checklist provided below.
- Make sure that the signatures of donor and donee appear at the bottom of each page and at the end of the document.
- Make sure that the names and addresses of the Witnesses are mentioned along with their signatures.
- Mention the complete details of the property for which a gift deed is being made.
- Make sure that the Gift Deed is duly stamped and registered in court. Gift Deed for gifting Immovable property must be duly stamped and registered in court for its legal enforceability.
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