Gift Deed Registration Service – Consult Alka Property
Alka property is a leading gift deed registration consultant based in Mumbai providing innovative, effective, and affordable services to our clients. We have a team of prominent and experienced lawyers and consultants who exactly know the ways to fast-track the process.
What is a Gift Deed?
A Gift Deed agreement in India is a legal document that reflects a transfer of gift from one person to another as per the rules of the law described in Section 122 of the Transfer of Property Act, 1822.
The rule allows the donor to transfer an existing moveable or immovable property to the donee freely by love and affection, without any consideration in return from one family member/ friend to another. There are 2 types of Gift deeds–
- Gift of movable property such as cash
- Gift of immovable property such as land or constructed structure
How Does Alka Property Help in Gift Deed Registration?
- Contact us by email, call, social media handles, or online contact us form.
- Book an appointment with one of our best consultants at your preferred date and time.
- Make the payment and submit the relevant documents to us.
- Within 24 hours, we get the process started without any stress to you.
- Based on the nature of the work, you get the complete documents within the best possible time.
Why Gift Deeds so Popular in India?
- It gives the option to give the movable and immovable property to whomever you want. However, it must be out of love and affection.
- Gift deeds require registration thus bringing better transparency regarding the ownership of the property.
- It is an excellent way to save tax as gift deeds are tax-free in India.
- A gift deed legalizes giving as it includes entire property and candidate data, and other information, leaving no room for future disagreement.
- Section 126 of the Transfer of Property Act, 1982[1] allows parties to cancel the deed anytime they choose, providing the provision is in the deed.
- If you want to transfer property fast, use a gift deed. Gift deeds cannot be completed without the giver and donee, unlike Wills.
Documents Requirement for Gift Deed Registration
- Any valid identity and address proof of both donor and donee.
- Purchase Agreement along with Index II
- Property tax bill
- Society registration certificate and share certificate
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Gift Deeds Registration Process
There is no difference in the registration procedure for the Gift Deed compared to the other papers. In order to complete the process, the parties must first prepare a hard copy of a Gift Deed, which must be signed by all parties and witnesses, as well as affix their photograph and thumb impression, a challan of stamp duty, and registration fees along with photocopies of identification proof, and property documentation.
Afterwards, the parties shall go to the sub-registration office and register the instrument. The Registration Act, 1908, governs the process of registering a Gift Deed. Prior valuation by an authorized valuation specialist is an important stage in registering the property. Please check with your local government website for the most up-to-date information on Paying Stamps and Transfer Duties in your area.
Please note:- With effect from April 1, 2022, sale, mortgage and gift deeds attract 1 % metro cess on stamp duty in Mumbai, Thane, Navi Mumbai, Pune, Nagpur, and Nashik.
How are We the Best Gift Deed Consultancy Service Provider?
- Avail the consultant service ONLY from the experts in that particular segments
- Other property-related services also available in one place
- Application processing within 24 hours of submitting the required documents
- Only quality service at the best price with 100 % transparency
- Instant customer support in case of any queries, complaints, or feedback
Is it Possible to Sell a Gift Deed Property?
The donee may sell the property if the gift deed does not include any restrictions on its subsequent sale and if it is properly registered before the Sub-registrar by paying the necessary stamp duty and registration fees.
The best advice for parents who are giving their children (blood relatives) immovable property (gift deed in blood relations) is to include a clause stating that the recipient should not sell the property without their consent. By doing this, the parents may prevent the circumstance when children sell the property they were given and expel their parents violently from the residence.
Can the Gift Deed be Cancelled?
Once a Gift Deed has been recorded, it cannot be cancelled unless both parties are willing to do so. However, the court has granted an exception to support the senior citizen. The ruling states that if elderly parents are mistreated, they can revoke the Gift Deed at any moment without any consent from the donee.
Factors Affecting the Stamp Duty and Registration Charges of Gift Deeds in Maharashtra
A fall in the Maharashtra stamp duty rate is possible due to a variety of circumstances such as
- Senior citizens in Maharashtra may qualify for a discount on stamp duty and registration fees.
- Females particularly get lesser taxes in certain cases to promote female homebuyers.
- Depending on the property’s age, Maharashtra residents may be eligible for lower stamp duty.
- Residential properties attract lower stamp duty and registration fees as compared to commercial properties.
What are the Important Clauses to Mention in the Gift Deed?
- You must include the “No Money exchanged” provision in your donation deed to avoid any tax notices from the government and any future disputes.
- It is illegal to provide a gift deed to someone unless you’re the owner. Mention your ownership.
- It is important to state any rights or responsibilities related to the gift, such as whether the recipient may sell or lease the property, etc.
- The property gift deed must include all relevant information such as area, location, structure, property type, address, and more.
- Mention the relationship between the donor and donee as you get no stamp duty or less stamp duty if the donor and recipient are blood-related in specific states.
- Ensure to have the ownership transferring delivery provisions.
- You should also include a revocation provision in the gift deed.
Need any help with gift deed registration? We’re all ears. Being a leading gift deed registration service provider, Alka Property offers end-to-end complete solutions to your gift deed requirements.
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