A gift deed is a legal document that transfers the ownership of a property from one person to another as a gift, without any monetary consideration
. The person who gives the property is called the donor, and the person who receives it is called the donee. The gift deed is an instrument through which the immovable or movable property owner transfers his/her property to another person without consideration as a gift. The Transfer of Property Act, 1882 governs property transfers as gifts in India. The gift deed should mention the name, address, and relationship between the donor and donee, details of the property, and clauses such as voluntary transfer, ownership of property, rights of the donee, acceptance by donee, delivery, and witnesses. The gift of immovable property will be effective when the gift deed is registered with the appropriate Registrar or Sub-Registrar. The gift of movable property is effective when the gift deed is registered or by delivery of the property.
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WHAT IS A GIFT DEED?
SUNITA
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2023-09-11T08:02:50+00:00 2023-09-11T08:22:50+00:00Comment
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