A gift deed is a deed in which the consideration is not monetary, but is made in return for love and affection. It is a document which transfers property to another as a gift. It is the transfer of certain existing moveable or immoveable property by one person to another and WITHOUT CONSIDERATION THAT IS, ‘PAYMENT’ OR A ‘PRICE’ and is made in return for love and affection. The person transferring the property is called the donor. The person to whom the property is transferred is referred to as the donee. The donee must accept the property during the lifetime of the donor and while he is still capable of giving . In case the donee dies before acceptance , the gift is void. The gift can be effected through a gift deed.
REGISTRATION OF GIFT DEED:
A GIFT OF IMMOVABLE PROPERTY CAN BE MADE ONLY BY A REGISTERED INSTRUMENT. A GIFT OF IMMOVABLE PROPERTY, WHICH IS NOT REGISTERED, IS BAD IN LAW AND CANNOT PASS ANY TITLE TO THE DONEE. Documents should be stamped with appropriate stamp, registered as required under the India Registration Act and attested by two witnesses.
THE STAMP DUTY AND REGISTRATION CHARGES WILL DIFFER ON THE BASIS OF WHETHER THE PARTIES ARE MEMBERS OF A FAMILY OR OTHERWISE.
IF ONLY HALF SHARE IS TRANSFERRED THEN STAMP DUTY IS PAYABLE ONLY ON THAT HALF SHARE.
The world “Family” for the purposes of stamp duty and registration charges would cover father, mother, husband, wife, son, daughter and grandchild.