11/9/2020 0 Comments Property Gift Deed Form
Like a sale deed, a gift deed contains details of the property, the transferrer and recipient.But instead of a sale consideration in a sale deed, a gift deed allows you to transfer ownership without any exchange of money.
Property Gift Deed Form Rar Is MandatoryRegistering a gift deed with the sub-registrar is mandatory as per section 17 of the Registration Act, 1908, and as per section 123 of the Transfer of Property Act.Mutation is necessary to transfer utility connections in the name of the recipient. Also, for the recipient to be able to further transfer the property, a registered gift deed will be required. In some states, stamp duty rates for property transfer by way of gift is the same as for sale or conveyance deed. In West Bengal, the stamp duty for sale or conveyance deed is 5 of the propertys market value in panchayat areas, and 6 of market value in municipal areas. In case of a gift deed, the rate is the same if the property is being gifted to a non-family member. If recipient is a family member, then only 0.5 of the market value of the property has to be paid as stamp duty. Section 126 of the property transfer Act provides for a situation wherein a gift deed may be revoked by the donor. For instance, if the property was gifted so that the recipient can reside in it, upon death of the recipient, the property will get transferred back to the donor if she is alive, else to the heirs of the recipient. Such details, however, need to be specifically mentioned in the gift deed. Join Livemint channel in your Telegram and stay updated Topics. In case you cant find any email from our side, please check the spam folder.
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