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A gift deed is an instrument through which a person may confer on another person his interests in a property, whether immovable or movable, without any consideration. A valid gift deed requires the following elements to be present in the transaction:
1. The donor should freely consent to transfer the property;
2. There should be no consideration for the transfer of property; and
3. The Donee should express his acceptance to receive the gift during the lifetime of the donor, while the donor still has ownership over the property.
Frequently Asked Questions
1. Does a gift deed require registration?
If the value of the property being gifted is above Rs.100/-, the gift deed requires compulsory registration as provided under section 17(1)(a) of the Registration Act 1908. The gift deed needs to be signed by the Donor and the Donee and should be attested by at least 2 witnesses.
2. Can a gift deed be revoked?
As per section 126 of the Transfer of Property Act 1882, a gift once made cannot be revoked, except on the occurrence of an event as specified in the gift deed, not being in the control of the donor.
3. Can a gift be made of property that might be acquired in the future?
As per section 124 of the Transfer of Property Act 1882, a property to which the donor does not have title to in the present or may attain title in the future, cannot be transferred as a gift.
4. Can I accept only a few of the properties being gifted to me as a Donee?
As per section 127 of the Transfer of Property Act 1882, a donee is required to accept all the gifts being transferred through a single gift deed or not accept the transfer at all. However, where the transfer is executed through separate and independent transfers, the donee may choose the gifts he wishes to accept.
5. Can all property of a person be transferred through a gift?
Under section 128 of the Transfer of Property Act 1882, the gift may consist of the donor’s whole property, however, in such instances, the donee is personally liable for all the debts due by the donor at the time of the gift to the extent of the property compromised therein.