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Gift Deed Of Property In India

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Stamp duty also varies from state to state and for latest rates one should visit official state government website Legally speaking person who owns the property can make a gift to any other person An exception to this rule is the case in which either of donor or donee is a minor.

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A Will is intended to dispose off property There must be some property which is being given to others after the death of the testator A Will becomes enforceable only after the death of the testator It gives absolutely no rights to the legatee the person who inherits until the death of the testator.

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Section 122 of the Transfer of Property Act defines a gift deed as a legal document that describes the voluntary transfer of gift from a donor owner of the property to donee receiver of gift without any exchange of money The donor must be solvent and should not use this tool for tax evasion and illegal gains.

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Registration of gift deed is not required in case of transfer of moveable property The deed is required to be signed and preferably in presence of 2 witness.

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