E STAMP PAPER MP 40 FREE
If any consideration is a part and parcel of this situation, then, it would be a sale and not a gift.įree Consent: A voluntary transfer of ownership of the property should be made and the consent of the donor should be free and not under any undue influence or force or fraud. The most important aspect of a Gift is that the donor does not take any monetary benefit/consideration from the done in return for the property gifted. No Consideration: Consideration means monetary consideration and does not involve love and affection. An individual can thus gift his/her share that he/she has obtained after the partition of a joint family property. This means that a gift of future property cannot be made. Property in Existence: A gift is required to be made only of that movable or immovable property that is in existence today. If there is no transfer of ownership, a Gift would be invalid. Transfer of Ownership: For a valid Gift, it is important that there should be a complete transfer of rights of property from the donor to the donee. A gift deed describes every detail of the transaction as necessary by law.Ĭonnect with an expert lawyer for your legal issue Similarly, a gift deed for a movable property involves the gifting of movables like a car or cash.
A gift deed for an immovable property involves the gifting of some immovable property like a house. A gift deed can be made for both movable goods as well as immovable assets. receiver of gift) without any compensation orfavor in return. owner of the property) to the donee (i.e. One such legal implication is the payment of stamp duty which is an important step in claiming ownership of the gifted property.Ī gift deed is a legal document that gives details regarding thevoluntary transfer of a gift from the donor (i.e. If you don't complete the specific processes that are involved, your gift can get invalidated. One must understand the legal implications of buying a property. When a property is gifted to any person, there are several legal rules and procedures that are needed to be followed.
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