Property Transfer through Gift Deeds in India: Process and Requirements
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Contents
- Frequently Asked Questions
- Can a gift deed be revoked?
- Are there any taxes involved in property transfer through gift deeds?
- Who can be a donor and donee in a Gift Deed?
- Can a Gift Deed be revoked or cancelled?
- What are the essential elements of a Gift Deed?
- Can minors be involved in Gift Deeds for property transfer?
- Can property be gifted to a non-family member through a Gift Deed?
Frequently Asked Questions
Can a gift deed be revoked?
Ans: No, once a gift deed is executed and registered, it cannot be revoked, unless there are specific circumstances mentioned.
Are there any taxes involved in property transfer through gift deeds?
Ans: Yes, there may be tax implications associated with property transfer through gift deeds.
Who can be a donor and donee in a Gift Deed?
Ans: The donor (giver) and donee (receiver) must be adults of sound mind. Both can be any person competent to make decisions.
Can a Gift Deed be revoked or cancelled?
Ans: Yes, a Gift Deed can be revoked as per the Property Transfer Act under Section 126 on several grounds like fraud, unsound mind, etc.
What are the essential elements of a Gift Deed?
Ans: The main elements are - names of donor and donee, clear property details, witness signatures, stamp paper, registration, and handover of property possession.
Can minors be involved in Gift Deeds for property transfer?
Ans: Minors cannot be donors but receive gifts through a legal guardian who signs the Gift Deed on the minor's behalf.
Can property be gifted to a non-family member through a Gift Deed?
Ans: Yes, the donor can gift their property to anyone they want using a Gift Deed - could be a family member or a non-relative.