You can gift Shares owned by you to your relative by preparing a gift deed.
Registration of Gift Deed
A Gift Deed is a legal document that represents a transfer of gift from one person to another as per the provisions of the law. Gift Deed is a legally binding written document defined in Section 122 of the Transfer of Property Act, 1822, through which the donor can transfer an existing movable or immovable property to the donee voluntarily. A Gift Deed is valid only if it is given out of love and affection, without any consideration in return by one family member/ friend to another. Also, under Section 17 of the Registration Act, 1908, it is mandatory to have a registered Gift Deed when you want to transfer immovable property.
Following are the conditions to be met to make a gift of property valid.
1. A transfer of property must be voluntary and made gratuitously.
2. It must satisfactorily appear that the donor knew what he was doing and understood the contents of the instrument and its effect.
3. Documents should be stamped and registered as required, and attested by two witnesses.
4. A valid gift of property can be made only by a registered instrument.
5. The Person to whom the property is being transferred (Donee) must accept the property during the lifetime of the donor. If the Donee dies before accepting the gift, the gift becomes void.
6. A minor cannot be a donor but can be a Donee. If the property is gifted to a minor, on behalf of a minor, a natural guardian can accept a gift.
7. If the gift is onerous, the obligation cannot be enforced against him while he is a minor. But later, he must either accept the burden or return the gift.
8. The gift of property must be without any consideration, absolute and unconditional except when made for a specific purpose. If there is any consideration in any shape, there is no gift.
9. Any person who is competent to contract can gift his property. Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is sound mind and is not disqualified from contracting by any law to which he is subject.
10. The person offering the gift and the one receiving must both sign the
Sample format of Gift Deed of Property without consideration is given below:
THIS DEED OF GIFT is made at ______________ on this 2nd day of ____________ 20__ BETWEEN
Mr. _________________., s/o ______________________, Permanent Address: ______________________ __________________ _____________ (hereinafter referred to as 'the Donor') of the ONE PART
Mrs. _______________, Daughter of ________________, Resident of __________________(hereinafter referred to as 'the DONEE'), of the OTHER PART.
WHEREAS the Donor is seized and possessed of the house consisting of 1 Hall 3 Bedrooms, 1 Kitchen and 1 Toilet admeasuring ________ situated at _________________________, _____________________.
AND WHEREAS the DONEE is the daughter of DONOR
AND WHEREAS the Donor desires to grant the said House to the DONEE as gift in consideration of natural love and affection as hereinafter mentioned.
AND WHEREAS the DONEE has agreed to accept the gift as is evidenced by his executing these presents.
NOW THIS DEED WITNESSETH that the Donor without any monetary consideration
and in consideration of natural love and affection, which the Donor bears to the
DONEE, doth hereby grant and transfer by way of gift the said House situate at
______________ _____________________ _______________________
________________together with all and singular the buildings and structures
thereon and all the things permanently attached thereto and all the liberties,
privileges casements and advantages appurtenant thereto and all the right,
title, interest use, Inheritance, possession, benefit, claims and demand
whatsoever of the Donor to Have and to Hold the same unto and to the use of the
DONEE absolutely but subject to the payment of all taxes, rates, assessments,
dues and duties now and hereafter chargeable thereon to the Government or
Municipality or other Local Authority.
AND the Donor doth hereby covenants with the DONEE;
(a) That the Donor now has in himself, good right, full power and absolute authority to grant the said House hereby granted as gift in the manner aforesaid.
(b) The DONEE may at all times hereafter peaceably and quietly enter upon have occupy, possess and enjoy the said House and receive the rents, Issues, and profits and rents thereof and every part thereof to and for her own use and benefit without any suit, lawful eviction, interruption, claim or demand whatsoever from or by the Donor or his heirs, executors, administrators and assigns or any person or persons lawfully claiming or to claim by, from, under or in trust for the Donor.
(c) That the said House is free and clear and freely and clearly and
absolutely and forever released and discharged or otherwise by the Donor and
well and sufficiently saved, kept harmless and Indemnified of and from and
against all former and other estate, titles, charges and encumbrances
whatsoever, had made, executed, occasioned or suffered by the Donor or by any
other person or persons lawfully claiming or to claim by from, under or in trust
for the Donor.
(d) AND FURTHER that the Donor and all persons having or lawfully claiming any estate or Interest whatsoever to the said House or any part thereof from under or in trust for the Donor or his heirs, executors. administrators and assigns or any of them shall and will from time to time and at all times hereafter at the request and cost of the DONEE do and execute or cause to be done and executed all such further and other acts, deeds, things, conveyances and assurances in law whatsoever for better and more perfectly assuring the said House and every part thereof unto and to the use of the DONEE in the manner aforesaid as by the DONEE, her heirs, executors, administrators and assigns or counsel in law shall be reasonably required.
SCHEDULE OF THE PROPERTY
(Gifted under this deed)
All the piece and parcel of immovable property bearing No.____________
On the East :
On the West :
On the South :
On the North :
Market value of the property gifted under this deed is Rs._____________
The Stamp duty is paid on the market value as computed above.
IN WITNESS WHEREOF the Donor as well as the DONEE (by way of
acceptance of the said gift) have put their respective hands the day and year
first hereinabove written.
Signed and Delivered by the within named Donor ___________________ in the presence of
Signed by within named DONEE Mrs. _______________ In the presence of
The Gift Deed should be printed on the stamp paper of appropriate value
depending upon your state. It can be registered at the office of registrar or
Documents required for Gift Deed registration
Following are the list of documents (enclosures) required to be produced at the time of presentation of the document before the jurisdictional Sub-Registrar.
- An Identical copy of the Gift-deed containing name and details of Donor and Donee, property Details and property value in the prescribed format of Gift Deed.
- Statement of particulars of property and its market value.
- Parent Document (prior to title deeds)
- Title Deeds to show how the Donor gets the property.
- Encumbrance Certificate of the property
- Affidavit which state that Registration of this document does not violate the notification issued under Section 22A of the Registration Act, 1908.
- Extract of assessment register of the property.
- If the property is an agricultural land, No objection certificate from
Parties should carry the following documents for Registration of Gift Deed.
- Original Gift Deed
- ID Proofs, like Driver License, Passport, etc
- PAN Card
- Aadhar Card
- A document like Sale deed to prove donor title to the Property
A gift is the transfer of property by one person to another made voluntarily
and without consideration. In order to constitute a valid gift, a basic
requirement is acceptance. If a document of gift, after its execution or
registration in favor of the donee, is handed over to him by the donor, it
amounts to a valid acceptance of the gift. The gift must be an existing
property. It cannot be a future property.
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