How do I write Gift deed format in India?


image for Gift deed format


Introduction

Gift is a generic term that has all transfers of property inconsiderately . In India, Gift is taken into account like Hiba but technically, Gift contains a much wider scope than Hiba. The word Hiba means the donation of a thing from which donee may get profit. It must be immediate and complete.Since muslim law views the law of Gift as a part of law of contract, there must be an offer , an acceptance , and transfer.

I have also written a post about judial review in india make you to check out.

 What is Gift deed?


A gift deed is a document that records the act of giving a present and is executed between the donor (the person giving the gift) and therefore the donee (person receiving the gift). Though it's not compulsory to execute a present deed while gifting any asset, it does create a legitimate documentary record. A gift is often a movable or immovable property that's transferable and tangible.

 Who can gift property? 


Only the donor can gift the property but there are some conditions.


i) person must have attained the age of majority - Governed by Indian Majority Act 1875.


 ii) Person must be of sound mind and have understanding of the transaction.

 iii) Person Must be free of any fraudulent or coercive advice as well as undue influence. 

iv) person must have ownership over the property to be transferred by way of gift. 

A gift by a wife is valid and is subjected to the same legal rules and consequences. A gift by a pardanashin woman is additionally valid but just in case of a dispute the burden of proof that the transaction was not guided  by coercion or undue influence is on the donee.
Gift by an individual in insolvent circumstances is valid given that it's actual and not merely intended to defraud the creditors.


Gift deed format


What are the essentials of a valid gift?

These are the essentials of a valid gift – 

1. A declaration by the donor - There must be a clear and unambiguous intention of the donor to make a gift.

 2. Acceptance by the donee - Gift is void if the donee has not given his acceptance. guardian may accept on behalf of a minor.


The term possession means only such possession because the nature of the topic is capable of. Thus, the important test of the delivery of possession is to examine who - whether the donor or the donee - reaps the benefits of the property. If the donor is reaping the benefit then the delivery isn't done and the gift is invalid

 Formalities for registering a gift deed


Immovable property should be registered under the Transfer of Property Act.
Unless registration of the gift deed is completed, the title doesn't expire to the donee, just in case of gift of immovable property. Stamp duty shall be payable supported the worth of the gift. To ascertain fair value of the immovable property for calculation of stamp tax , approved valuation experts will need to perform valuation of the property.


1 Both parties Sign the Deed  in the presence of 2 witnesses and take the signed document to the nearest Sub-registrar Office.

2 Calculate the Registration charges with the assistance of lawyers 
3. Pay the registration charges stipulated and obtain the deed attested.




 Charges of registering a gift deed


you'll pay money for the registration fee and taxation.  Some government pegged the value of registering Gift deeds like that of conveyance or sale deed. However, each state has its own rules which you must comply with. Certain government even concession if the gifted party is your relative or blood siblings. The registration fee would then be calculated based on the property’s market value


                                     Registering Gift deed in New Delhi costs 1% of the property’s market price , plus 100 Rupees for Pasting. 1% of the market value to register a gift deed in Bangalore. However, you will pay a fixed registration fee of 500 Rupees, and another 1,500 Rupees covering filing, scanning, endorsement, record of rights, comparing, and postage fees. , a registration fee of 200 Rupees is payable provided the donee is a family member. For a non-family member donee, the registration fee (whichever is less) is 30,000 Rupees or 1% of the property’s market value.   1% of the property’s market value to register a gift deed in Chennai.

Check out Other Post Also:
1. Maritial Rape
2. How to File a Civil Case?

Gift or Hiba Deed Format( All Cities ) Movable and Immovable Property

This Gift deed is created and executed on this ……………….day of Month of ………… of the Year …………, at……………………………. Between (Name) son/daughter/wife  Age……Marital Status………, (Profession), (Nationality), Resident of ………………………………Having Aadhar card No…………………(hereinafter called the Donor) of the one part. AND (Name) son/daughter/wife of Father’s Age……Marital Status………, (Professional Status), ( Nationality), Resident of ………………………………Having Aadhar card No………………… (hereinafter called the Donee 2) of the other part.
 The expressions of the donor party  No. 1 and the donee party  it will  include their respective heirs, successors, executors,nominees, assignees, administrators and legal representatives etc. And whereas the Donor Party  Is owner and in possession of the property having been purchased/acquired vide registered sale deed as document No……………………………, Addl. Book Vol. No…………pages ...to... ., on date ……………………duly regd. And  the above property, more particularly described in schedule is free from all forms of encumbrances like liens, charges, claim, liability Law, gift mortgages, demand , notice notifications, legal disputes, difference, prior sale and flaws etc. etc. and the Donor Party is totally entitled to  dispose of the same And the donor party has love 
for the donee party being his/her_____________blood relations and whereas Donor Party has agreed toGift.  and therefore the donee party have also agreed to simply accept an equivalent .



Date:                                                                                               (Signature of Donor)
Place:                                                                                              DONOR





(Signature of Witness)
WITNESS 1: 
Name and Address  


(Signature of Witness)
WITNESS 2: 
Name and Address  


ACCEPTANCE


Accepted by the said Donee.


(Signature of Donee)
DONEE
Name and Address.





Sample Gift or Hiba Deed Format by father to Son



This gift of deed made this  1st day of March 2020, between.


Mr. ……………...age…..years …. resident (called the donor)of the one part


Mr…………….age….years….. resident
Called the donee) of the other part.

Witness as follows:


1- In consideration of love and affection being son of the donor ,the donor hereby assign into the donee sum of 1,00,000(1Lakh) and to have and to hold the same unto the donee.


2- The possession of the 1,00,000(1Lakh)
Cheque no.xyzzzxzz drawn on………. branch……….dated……….herein donated unto the donee and has been physically handed over to the donee as a absolute owner before execution of the gift deed .


3-The said gift of 1,00,000 has been
Accepted by the Mr…………..


4- The donor from this date reserves no right or interest on the said sum here by gifted which shall from the date…...be the sole and exclusive property of the donee.


5- The property gifted is the donors self acquired property accumulated out of the income earned and has his full right and authority to dispose off.


In witness where of ,the parties here to have put their respective signature on the deed of gift in the presence of the witness.


Witness 1:        
Signature:
Name:
Address:


Witness 2:


Signature:
Name:
Address:


Donor:
Signature
Name
Address:





0/Post a Comment/Comments

If you have any doubts, plz let me know.

Previous Post Next Post