A Gift Deed is a document in which a person willingly transfers movable or immovable property to another person. A Gift Deed reduces the likelihood of property inheritance disputes. The registration of a Gift Deed is subject to state government fees. The donation can be either moveable or immovable property. Because it differs from a legitimate ‘Will’ issued by the property owner, a gift deed is crucial in succession problems.
Gunjan Goel, director of Goel Ganga Developments, focused on the Property Transfer Act 1882, which covers the Gift Deed. She specified that the gift deed must be given without monetary consideration, and the Donee must accept a gift deed within the Donor’s lifetime.
Components of a Gift Deed
The Gift Deed has various clauses and essential details that must be included in the document. Several stipulations contained in the Deed of Gift are as follows:
Transfer at will- The Gift Deed must expressly state that the Donor’s free will is transferring the Gifted property, and the Donor is not being pressured to gift that property.
Donor and Donee Information- The Gift Deed should include the name, address, and relationship of the Donor and Donee.
Consideration- The Deed of Gift must state that the Donor is out of love and free will granting the property for the Donee and will not accept monetary compensation in exchange.
Details of the property- The measurements, layout, and area characteristics of the property in question must be included in the Gift Deed, so there is no ambiguity later.
Donee’s Property Rights – The Donee’s property rights must be mentioned in the Deed of Gift. The Donee can rent, sell, or lease the gift deed property at their discretion.
Acceptance by the Donee- The acceptance of the Donee on the gifted property must be mentioned in the Gift Deed.
Witnesses- The Gift Deed must include both the names and addresses of the two witnesses present. They should sign the Gift deed too.
Revocation- It is best to leave a revocation clause out of the Gift Deed because ownership is passed to the Donee once the deed is finalized.
Specific details in a gift deed
- Donor details: Name, date of birth, father’s name, and address of the Donor
- Donee information: name, father’s name, date of birth, and address
- Date and location of the donation deed.
- The relationship that exists between the Donor and the Donee.
- Specific details regarding the property to be given away.
- The Donor’s signature(s).
- The donee/s’ signatures
- Details about two witnesses who were present at the property transfer.
- Witnesses’ signatures are required.
Gift Deed Format
A Gift Deed has a standard format mentioned below. You can download the gift deed format in pdf from various sites in the form shown below.
The real estate market has a significant role in gift deeds, as many people are now shifting to gifting properties as gift deeds, thereby increasing the profit sector of real estate. To make your gift deed documents valuable, Goel Ganga developments offers a wide range of 2 bhk – 3bhk flats in our residential projects in Kharadi, Pune.