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A gift deed is a deed that is executed and delivered in which the donor transfers title to the donee without any payment or considerations. It a document which transfer the legal title of the property to the donee where the consideration is not monetary but is made in return for love and affection. Transfer of a gift deed can be reported as a gift for income tax purposes. There is ambiguity with respect to compliance of the gift deed at times when gift is made. Whether a gift deed is required to be made in every circumstance? When it is required to be stamped OR get registered?
Gift made by way of cash or cheque does not mandatorily requires to be executed through a gift deed. Writing a plain typed note on a paper will generally suffice. It is not required to be stamped and registration is also not needed. Mention the names of persons, their relation and that the gift is being given out of love and affection. However, a gift deed can be made in stamp paper for such purposes also.
Gift made by way of movable property is required to be made in stamp paper and stamped by the notary or court. Registration of gift deed is not required in case of transfer of moveable property. The deed is required to be signed and preferably in presence of 2 witness. Registration is not required, but if the parties desire they can get the same registered.
For the purpose of making a gift of immovable property, the transfer must be effected by a registered instrument signed by or on behalf of the donor, and attested by at least two witnesses. Gift of immovable property which is not registered is not a valid as per law and cannot pass any title to the donee. Deed should be stamped with the appropriate non-judicial stamp, be registered as required and attested by two witnesses. Mere delivery of possession without a written instrument cannot confer any title.
We at Taxmantra.com have the expertise in handling issues relating to individual taxation. We at Taxmantra.com provide full year support solving all your tax issues, in addition to filing of your return of income with excellent tax planning.
Contact us at “info@taxmantra.comâ€, we are here to help you to solve all your tax issues.
All about Gifts – Registered deed or plain paper
News & FAQs | By ALOK PATNIA | Last updated on Feb 19, 2011
A gift deed is a deed that is executed and delivered in which the donor transfers title to the donee without any payment or considerations. It a document which transfer the legal title of the property to the donee where the consideration is not monetary but is made in return for love and affection. Transfer of a gift deed can be reported as a gift for income tax purposes. There is ambiguity with respect to compliance of the gift deed at times when gift is made. Whether a gift deed is required to be made in every circumstance? When it is required to be stamped OR get registered?
Gift made by way of cash or cheque does not mandatorily requires to be executed through a gift deed. Writing a plain typed note on a paper will generally suffice. It is not required to be stamped and registration is also not needed. Mention the names of persons, their relation and that the gift is being given out of love and affection. However, a gift deed can be made in stamp paper for such purposes also.
Gift made by way of movable property is required to be made in stamp paper and stamped by the notary or court. Registration of gift deed is not required in case of transfer of moveable property. The deed is required to be signed and preferably in presence of 2 witness. Registration is not required, but if the parties desire they can get the same registered.
For the purpose of making a gift of immovable property, the transfer must be effected by a registered instrument signed by or on behalf of the donor, and attested by at least two witnesses. Gift of immovable property which is not registered is not a valid as per law and cannot pass any title to the donee. Deed should be stamped with the appropriate non-judicial stamp, be registered as required and attested by two witnesses. Mere delivery of possession without a written instrument cannot confer any title.
We at Taxmantra.com have the expertise in handling issues relating to individual taxation. We at Taxmantra.com provide full year support solving all your tax issues, in addition to filing of your return of income with excellent tax planning.
Contact us at “info@taxmantra.comâ€, we are here to help you to solve all your tax issues.