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Gifting A Property To Family Member Or A Property Gift Deed

Posted by Admin on January, 23, 2014

To begin with, there are several ways through which one can transfer the property. These include gift deed, sale deed and relinquishment deed. However, rising number of queries related to gift deed on Open House suggest that it is one of the important ways for transferring the immovable property.

First, let’s understand what a gift deed is. It is a way of transferring property that is mostly used when the transfer is within the family. Once the property is gifted, it belongs to the beneficiary and one cannot reverse the transfer or even ask for monetary compensation.

But is it important to register the property that has been transferred as a gift within a family? Well, it is very important. Explaining the same, MB legal expert says, “A gift deed for an immovable property is compulsory to be registered with the sub-registrar for assurances as per Section 17 of the Registration Act, 1908, failing which the transfer will be invalid.”

Another problem that crops up very often is about the siblings having right on the property that is transferred to one of the child. A Leading Expert, says, “Once the property is registered on one child’s name through a gift deed, then he/she becomes the sole and absolute owner of the said house.” Thus, no one can claim on the said house after the gift deed. Even the siblings cannot claim rights over such property.

Is there any advantage of a gift deed? Yes. The stamp duty on the property transferred through a gift deed is 1-2 per cent less. However, the amount differs from state to state.

Thus, if you are planning to gift your property though a gift deed, don’t’ forget to get it registered! All you need to do is to prepare a gift deed for the subject property, mention entire details of the property in the gift deed, and get the deed registered in the registrar’s office. And at the time of transfer of the property the said gift deed will be used as document for transfer of interest.

This entry was posted on January, 23, 2014 at 12 : 38 pm and is filed under Property Legal View. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response from your own site.

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