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GIFT DEED REGISTRATION

Gift Deed Registration

GIFT DEED REGISTRATION

Contents

GIFT DEED MEANING :

A Gift Deed could be a legal instrument that describes voluntary transfer of gift from donor (owner of property) to beneficiary (receiver of gift) with no exchange of cash/ money. Gift Deed is a document whereunder transfer his movable or immovable property, to other person without any consideration. It could be transfer of property in blood relation or any other person. Gift Deed Registration can be done in India.

Let’s see example about gift deed – I can give a house which is in my name to you as a gift. The legal basis for this will be through a Gift Deed Registration which we both execute.

Any transaction which does not have consideration is unlawful but Gift Deed is exception to that provided it should not consist any conditions. That’s the only expectation by law.

Gift deed act applicable is Section 122 of the Transfer of Property Act, 1822.

GIFT DEED MEANING IN MARATHI

गिफ्ट डीड म्हणजे बक्षिसपत्र जो एक दस्त आहे ज्यामध्ये एक व्यक्ती आपल्या जवळील स्थावर किंवा अस्थावर मालमत्ता दुसऱ्या व्यक्तीला बक्षिस म्हणून देतो. बक्षिसपत्र रजिस्टर करणे जरी बंधनकारक नसले तरी जर बक्षीसपत्राचा दस्त जर रजिस्टर केला असेल तर तो एक कायदेशीर पुरावा मानला जातो.

GIFT DEED IN HINDI

गिफ्ट डीड एक विलेख है जिसमें एक व्यक्ति दूसरे व्यक्ति को अचल संपत्ति देता है। गिफ्ट डीड को पंजीकृत करना अनिवार्य नहीं है, हालाकि अगर गिफ्ट डीड पंजीकृत हो तो वोह एक कानूनी प्रमाण माना जाता।

TYPES OF GIFT DEED

There are 2  types of Gift deed – 1. Gift of movable property means gift of cash or kind. 2. Gift of immovable property means gift of land or structure.

GIFT DEED SAMPLE

Lets see the deed of gift template for normal understanding, however it is always recommendable that you have to draft a deed of gift through gift deed lawyer.

Gift deed

This deed of gift made this ______________2020 between;

Mr. __________________, Age ____years resident of ________________________________ (hereinafter called the “Donor”) of the One part

and

Miss ________________________, Age ____ years (hereinafter called the “Donee”) of the Other part.

Witnesseth as follows:

  1. In consideration of natural love and affection being daughter of Donor, the donor hereby assigns unto the donee residential flat at _____________Mumbai – 400003 and to have and to hold the same unto the donee absolutely.
  1. The possession of the residential flat at _____________Mumbai – 400003 hereinabove donated unto the donee and has been physically handed over to the donee as absolute owner before execution of this Gift Deed.
  1. The said gift of residential flat at _____________Mumbai – 400003 has been accepted by Miss ___________________________.
  1. The property hereby gifted is the donor’s self-acquired property accumulated out of income earned and has full right and authority to dispose off it any manner he may think fit.

 

In witness whereof, the parties hereto have put their respective signatures on this deed of gift in presence of witnesses.

SIGNATURE,

NAME AND ADDRESS OF THE WITNESS                                      Donor

  1.                                                                                      (___________________)
  3.                                                                                                                   Donee

                                                                                             (__________________)                                                                                                                                            

GIFT DEED REGISTRATION :

When there will be gift deed of immovable property, the said gift deed should be registered under the Transfer of Property Act. When there will be gift deed of immovable property i.e.transfer of flat by gift deed,gift deed of flat or land gift deed until registration of the gift deed is completed, the title/ownership does not pass to the donee in case of unregistered gift deed. Stamp duty on gift deed shall be payable based on the present market value of the gift.

To ascertain fair value of the immovable property for calculation of Stamp duty on gift deed, proper valuation of the property as per current ready recknor of government, is necessary.  Gift deed registration lawyer or any approved valuation experts will have to carry out valuation of the property before Gift Deed Registration.

It is not necessary to have blood relation for gift deed but if there is Gift deed to non blood relation then there is stamp duty exemption in Maharashtra.

PROPERTY GIFT DEED RULES

Following are the property gift deed rules to be kept in mind while making gift deed draft.

  • Gift deed should contain consideration for gift. Whether it is free or with some consideration as it is important to give it vaildity. Gift deed for cash not allowed.
  • In Gift Deed Registration whatever you are gifting should be self owned by you. You can gift only what you have.
  • For Gift Deed you should have clear intention and that too without any fear and need to mention it in Gift deed.
  • Mention address with Village, City, Taluka , District, State, CTS No, Survey Number of the property you are gifting. This will give certainty.
  • Rules of property transfer in blood relation – Since state of Maharashtra offers concession on stamp duty in case of gift deed in blood relation, the relationship between donor and donee should be clearly mentioned if they are blood relatives. Gift deed to non blood relation don’t get any stamp duty benefits at the time of Gift Deed Registration.
  • Gift Deed should have confirmation of handing over the possession of the property to the Donee of execution of Gift deed.
  • It is not mandatory, but advisable to Senior citizen while gifting property to avoid future complications, keep revocation clause in Gift deed while gift deed registration and donor and donee both have to agree on the same. It will save Senior Citizens in case of children’s are not ready to maintain them in future. Except gift deed by parent to children other gift Gift deed to non blood relation without any condition becomes irrevocable gift deed and in such situation gift deed property can be sold.

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GIFT DEED IN BLOOD RELATION

Following blood relation for gift deed are covered under concept  of gift deed in blood relation –

  1. Gift deed from father to son
  2. Gift deed from mother to son
  3. Gift deed from sister to brother
  4. Gift deed from mother to daughter
  5. Gift deed between brothers
  6. Gift deed husband to wife
  7. Gift deed from Father in law to widowed daughter in law
  8. Gift deed from mother in law to widowed daughter in law

STAMP DUTY ON GIFT DEED IN BLOOD RELATION AND REGISTRATION FEES APPLICABLE FOR MUMBAI, THANE , NAVI MUMBAI FROM  YEAR 2019 (RESIDENTIAL PROPERTY) –

PERSON GIVING GIFT PERSON TAKING GIFT STAMP DUTY REGISTRATION FEES
FATHER SON, DAUGHTER, GRANDSON, GRANDDAUGHTER     1 % + RS. 200/-           RS. 200/-
MOTHER SON, DAUGHTER, GRANDSON, GRANDDAUGHTER     1 % + RS. 200/-           RS. 200/-
HUSBAND WIFE     1 % + RS. 200/-           RS. 200/-
WIFE HUSBAND     1 % + RS. 200/-          RS. 200/-
FATHER IN LAW WIDOWED DAUGHTER IN LAW      1 % + RS. 200/-          RS. 200/-
MOTHER IN LAW WIDOWED DAUGHTER IN LAW      1 % + RS. 200/-          RS. 200/-

NOTE : ABOVESAID 1 %  STAMP DUTY IN MUMBAI IS TOWARDS METRO CESS AND 1 %  STAMP DUTY IN THANE AND NAVI MUMBAI IS TOWARDS LOCAL BODY TAX. FOR SOME AREAS BEYOND THE MUMBAI MUNCIPAL CORPORATION WHERE METRO WORK STARTED THERE 1% METRO CESS AS WELL AS 1% LOCAL BODY TAX IS APPLICABLE

To get concession on stamp duty on gift deed at the time of registration of gift deed in blood relation you have to prove the relationship by giving documentary proofs.

PERSON GIVING GIFT PERSON TAKING GIFT STAMP DUTY REGISTRATION FEES
SON / DAUGHTER  MOTHER OR FATHER     3 % + 1 % 1 % OF THE MARKET VALUE OF THE PROPERTY.
BROTHER SISTER     3 % + 1 % 1 % OF THE MARKET VALUE OF THE PROPERTY.
SISTER BROTHER     3 % + 1 % 1 % OF THE MARKET VALUE OF THE PROPERTY.

APART FROM ABOVE FOR REST OF THE OTHER CASE OR GIFT DEED BETWEEN PERSON NOT HAVING BLOOD RELATION – STAMP DUTY – 6 % AND REGISTRATION FEES – 1 % OF THE MARKET VALUE OF THE PROPERTY.

THERE IS NO EXEMPTION IN STAMP DUTY ON GIFT DEED IS NOT ALLOWED IN GIFT DEED IN BLOOD RELATION IN CASE OF FOLLOWING TRANSACTION.

  1. Gift deed from son to father
  2. Gift deed from son to mother
  3. Gift deed from sister to brother
  4. Gift deed from brother to sister
  5. Gift deed from daughter to mother
  6. Gift deed between brothers
  7. Gift deed between sisters

In case of Gift deed to non blood relation following are stamp duty on gift deed and registration charges for gift deed –

Stamp Duty – 5% + Metro Cess- 1% + Registration fees -1 %

STAMP DUTY ON GIFT DEED IN BLOOD RELATION AND REGISTRATION FEES APPLICABLE FOR MUMBAI, THANE , NAVI MUMBAI FROM  YEAR 2019 (NON-RESIDENTIAL PROPERTYCOMMERCIAL PROPERTY) –

PERSON GIVING GIFT PERSON TAKING GIFT STAMP DUTY REGISTRATION FEES
FATHER SON, DAUGHTER, GRANDSON, GRANDDAUGHTER 3% stamp duty + 1 % Metro cess or LBT + RS. 200/-           RS. 200/-
MOTHER SON, DAUGHTER, GRANDSON, GRANDDAUGHTER 3% stamp duty + 1 % Metro cess or LBT + RS. 200/-           RS. 200/-
HUSBAND WIFE 3% stamp duty + 1 % Metro cess or LBT + RS. 200/-           RS. 200/-
WIFE HUSBAND  3% stamp duty + 1 % Metro cess or LBT + RS. 200/-          RS. 200/-
FATHER IN LAW WIDOWED DAUGHTER IN LAW  3% stamp duty + 1 % Metro cess or LBT + RS. 200/-           RS. 200/-
MOTHER IN LAW WIDOWED DAUGHTER IN LAW   3% stamp duty + 1 % Metro cess or LBT + RS. 200/-          RS. 200/-

NOTE : ABOVESAID 1 %  STAMP DUTY IN MUMBAI IS TOWARDS METRO CESS AND 1 %  STAMP DUTY IN THANE AND NAVI MUMBAI IS TOWARDS LOCAL BODY TAX. FOR SOME AREAS BEYOND THE MUMBAI MUNCIPAL CORPORATION WHERE METRO WORK STARTED THERE 1% METRO CESS AS WELL AS 1% LOCAL BODY TAX IS APPLICABLE

To get concession on stamp duty on gift deed at the time of registration of gift deed in blood relation you have to prove the relationship by giving documentary proofs.

PERSON GIVING GIFT PERSON TAKING GIFT STAMP DUTY REGISTRATION FEES
SON / DAUGHTER  MOTHER OR FATHER     5 % + 1 % 1 % OF THE MARKET VALUE OF THE PROPERTY.
BROTHER SISTER     5 % + 1 % 1 % OF THE MARKET VALUE OF THE PROPERTY.
SISTER BROTHER     5 % + 1 % 1 % OF THE MARKET VALUE OF THE PROPERTY.

THERE IS NO EXEMPTION IN STAMP DUTY ON GIFT DEED IS NOT ALLOWED IN GIFT DEED IN BLOOD RELATION IN CASE OF FOLLOWING TRANSACTION IN CASE OF

(NON-RESIDENTIAL PROPERTYCOMMERCIAL PROPERTY) :

.

  1. Gift deed from son to father
  2. Gift deed from son to mother
  3. Gift deed from sister to brother
  4. Gift deed from brother to sister
  5. Gift deed from daughter to mother
  6. Gift deed between brothers
  7. Gift deed between sisters

Shreeyansh Legal provides Gift Stamp Duty Calculator Maharashtra as well as information on Registration Fee on Gift.

In case of ✔transferring property to children’s name ✔ transfer of immovable property by way of gift to son or daughter ✔gift deed father to son ✔property transfer in blood relation ✔property gift registration father to son ✔gift deed in blood relation – Keep in mind following gift deed rules.

gift deed in blood relation

Best suggestion to the parents who are gifting immovable property to the son or daughter (gift deed in blood relation) should mention the line that beneficiary son/ daughter should not sell the said gifted immovable property without their permission. If this line is mentioned one can avoid the situations where children sell the gifted property and evicted parents forcibly from the house. However some courts have declared such move unlawful but as per recent judgement now parents can cancel the gift deed in their lifetime.

If ill-treated, old aged parents can take back property gifted to son, rules Bombay High Court… Read More

DOCUMENTS REQUIRED FOR GIFT DEED REGISTRATION

Following are documents required for gift deed–

  1. Old Sale Deed/ Index-II. 
  2. 7/12 Extract copy in case of land gift deed
  3. Share certificate in case of gift deed of flat
  4. Maintenance receipt in case of gift deed of flat
  5. PAN, AADHAR of Donor and Donee.
  6. Birth certificate of Donee in case of gift deed in blood relation to prove relationship and to get concession in stamp duty on gift deed.
  7. Pan and AADHAR copy of 2 witness.
  8. 2 Passport size photographs of Donor and Donee at the time of Gift Deed registration.
  9. Light Bill copy.

GIFT DEED REGISTRATION PROCESS :

  1. Gift deed registration lawyer will prepare gift deed draft. If you have problem understanding in English you can opt for gift deed draft in marathi for registration.
  2. He will send gift deed draft on email and get approval from you.
  3. On approval he will lodge Gift Deed and Compilation of documents required for gift deed registration in the Office of sub-registrar by taking both party signature.
  4. If document queried by office Gift deed registration lawyer will resolve same.
  5. Visit to get approval on the draft by Sub Registrar.
  6. Once it is approved by the sub Registrar applicable stamp duty will be paid online and attach challan to the documents
  7. Execution and registration of gift deed in final.
  8. After registration either you can wait to take handover of the document or, we will deliver a document on the second day at your place.

It is a duty of the donee if there is land gift deed he should submit the copy of registered gift deed in Village grampanchayat office to transfer the peoperty in the name of donee. If the land gift deed is for the land in city then to submit in Collector office to change name on the property card.

It is a duty of the donee if there is gift deed of flat he should submit the copy of registered gift deed in gift deed in housing society to transfer share certificate in the name of donee.

GIFT DEED IS TAXABLE ? :

There is no tax/stamp duty on gift deed of cash to be paid on gifts received (cash or kind), if value of the gift is upto Rs. 50,000 in a year. However if the total amount crosses Rs 50,000 tax is to be paid. Any amount received from specified relatives is totally tax free in the hands of recipient.

So if you want to buy a house and your father/mother/sister/brother etc transfer Rs 20 lakh to your hank account. You don’t have to worry regarding the taxation issue, as it is a gift from your relatives and you’ll not need to pay any tax on this value.

Any amount you get, as wedding present isn’t taxable in your hands, either from relative or non-relative. Cash gift deed in blood relation is non taxable. So although you get Rs one crore as wedding present from somebody in your wedding, it is not taxable. 

Once any sum of cash or any property is received underneath a can or by manner of inheritance, it’s entirely exempt from tax/ stamp duty on gift deed. So if you get a real estate and cash worth Rs. 50 lakh through inheritance , you need not pay any tax on that amount received

Gift deed registration online is not possible right now however through gift deed online could be possible by submitting draft online and getting approval from sub -registrar but on final final execution you have to be present before the Sub-registrar.

Source – Mirror Now

OTHER IMPORTANT INFORMATION ON GIFT DEED :-

NOTARIZED GIFT DEED :

Notarized gift deed prepared for gifting cash or movable property is valid, however notarized gift deed of immovable property is invalid as if gift of immovable property is not registered the ownership could not be pass on to the donee.  If you will not pay stamp duty on gift deed it is not enforceable.

GIFT DEED FROM HUF TO MEMBER

It is very well possible to gift any member of the HUF to the appropriate extent with the consent of the HUF members or peer. In the case of gifts to HUF members, it is advisable to keep the gift deed in such a way so that the gift deed incorporates the consent of all the members so that there is no problem in future. Gift from members themselves.

DEED OF GIFT TO TRUST

If any person do not have children’d or relatives or do not wish to give property to any relatives or wish to contribute to nation, they mostly opt for gifting property to Public charitable trust. In such case before acquiring immovable property concerned trust need to take permission from Charity commission. In such case stamp duty on gift deed will be Stamp Duty – 5% + Metro Cess- 1% + Registration fees -1 %.

GIFT SETTLEMENT IN FAVOUR OF FAMILY MEMBERS

In case of any dispute between the family members over the property, and if dispute is settled between the family members, property could be divided between family members by gift deed settlement. Stamp duty and registration fees on gift settlement in favour of family members will be less if it is transferred in blood relations.

Shreeyansh Legal provides gift deed lawyer in thane, gift deed lawyer in navi mumbai, gift deed lawyer In Navi Mumbai. Our team has best gift deed registration lawyer who will assist clients in efficient manner for gift deed registration in mumbai and gift deed registration in thane. It is easy task to get good gift deed registration lawyer but the question comes about the transparency and credibility.

Our team provides advocate for gift deed registration in navi mumbai and mumbai, gift deed registration in kalyan, gift deed registration in dombivali as per requirement of client considering the overall details and documentation required.

Mostly people expect advocate fees for gift deed lesser… Here team shreeyansh legal comes for help. We also have well experienced and dashing female gift deed registration lawyer. Citizen gets confuse in case of gift deed in blood relation as in some states rules regarding stamp duty on gift deed when gift deed in blood relationtakes place. Our team guides senior citizens when they want to execute gift deed in blood relation regading exact stamp duty payable and documents required.

Get service of gift deed registration in mumbai from Shreeyansh Legal for hassle free Gift deed registration.

References and more to read :

CONTACT US FOR AVAILING PROFESSIONAL SERVICE FOR GIFT DEED REGISTRATION, GIFT DEED REGISTRATION IN MUMBAI, GIFT DEED REGISTRATION IN THANE , GIFT DEED REGISTRATION IN NAVI MUMBAI, GIFT DEED REGISTRATION IN KALYAN, GIFT DEED REGISTRATION IN DOMBIVALI.

Gift Deed- FAQ

Yes , its compulsory. If it is not signed by 2 witness their are chances such Gift Deed will be challenged in court of law.
Yes, registration of Gift Deed is compulsory in case of immovable property having value more than Rupees Hundred as per section 18 of Registration Act 1908.
Yes, presence of person giving gift and person taking gift under Gift deed is compulsory as per section 32 (A) of Registration Act 1908.
Yes gift deed necessary for cash gift in order to submit it by the Donee to the Income Tax authorities while filing IT Returns. Cash Gift is income on the hands of Donee and it is necessary to give proof to the IT Department how you got that money. Gift Deed or Gift Affidavit become a good proof.
A Gift Deed could be a legal instrument that describes voluntary transfer of gift from donor (owner of property) to beneficiary (receiver of gift) with no exchange of cash/ money.
To make Gift Deed you have to draft on following aspects- 1. Consideration Clause. 2. Possession of Property. 3.Free Will. 4.Information about Property. 5.About Donor and Donee - The relationship 6.Rights and Liabilities. 7.Rights of Donee. 8.Delivery. 9.Revocation Clause.
Gift deed of property means transfer of flat by gift deed,gift deed of flat or land gift deed until registration of the gift deed is completed, the title/ownership does not pass to the donee in case of unregistered gift deed. Stamp duty on gift deed shall be payable based on the present market value of the gift.
Generally once Gift Deed is registered it can not be cancelled till both the parties ready. In case of Senior Citizen or parents who gifts the property to their childrens, and after the gifting property if children refusde to maintain parents or gives the ill-treatment, Parents can cancel the Gift Deed any time. Here is judgement regarding same- If ill-treated, old aged parents can take back property gifted to son, rules Bombay High Court...
Yes, if both the Donor and Donee agree for it.
Anyone having property which is his self owned property, can gift it with his own free Will.
Yes, If the Gift deed is dont have any conditions regarding further sale and Gift deed is properly registered before the Sub-registrar by paying applicable stamp duty and registration fees, you become the absolute owner of the property, Hence you can sell it.