Gift Deed Registration
A gift is a transfer of property without any consideration. The complete absence of monetary consideration is an important prerequisite.
A gift refers to the transfer of certain existing moveable or immovable property by one person to another. The transfer should be made voluntarily and without consideration. The person transferring the property is called the donor. The person to whom the property is transferred is referred to as the donee. The donee must accept the property during the lifetime of the donor and while he is still capable of giving it. In case the donee dies before acceptance, the gift is void. The gift can be affected through a gift deed registered in the Sub Registrar Office.
Any person who is competent to contract can make a gift of his property. A minor, being incompetent to contract, is incompetent to make a gift. A gift by a minor would be void. However, a minor can accept gifts. A natural guardian can accept a gift on behalf of the minor, containing a condition that the person nominated in the gift deed should act as a manager of the gifted property.
Soundness of mind and age are important qualifications required for making a gift. A gift to be valid must be made by a person with his free consent and not under compulsion. The donor must not be insane. However, a mere weakness of the intellect would not be sufficient to invalidate a gift if the donor could apprehend the transaction.
The transfer of property must be voluntary and made gratuitously. It must satisfactorily appear that the donor knew what he was doing and understood the contents of the instrument and its effect, and also that undue influence or pressure was not exercised upon clear intention to make a gift.
A gift of immovable property can only be made by a duly registered gift deed after payment of adequate stamp duty. A gift of immovable property, which is not registered, is bad in law and cannot pass any title to the donee. The gift deed should be stamped with the appropriate stamp duty, registered in the registrar office and attested by at least two witnesses. Mere delivery of possession without a written gift deed cannot confer any title.
Courtesy: TOI Dated 1st November, 2008
Important points to note in relation to registration of Gift Deed in Delhi are :
1. Stamp duty is payable @ 4% if the donee is a woman and @ 6% if the donee is a man even if the gift is being made to a family member such as Son, Daughter, Wife, Husband, Sister, Brother etc.
2. Registration fee is 1% of the total value of Consideration and Rs. 100/- for pasting charges.
3. Both Donor and Donee have to be present in the registrar office alongwith identification douments i.e., PAN Card, Election Card, Passport, Driving License etc. at the time of presentation. However, PAN Card is preferred.
4.Two witnesses alongwith identification documents need to be present during the Presentation before the Sub-Registrar for the Registration of Gift Deed.
We provide services for the Drafting and Registration of Gift Deed all over Delhi .
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