The lawful owner of a property can transfer it to another party without any monetary consideration through a gift deed.
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How Does The Gift Deed Work ?
What is a Gift Deed?
The lawful owner of a property can transfer it to another party without any monetary consideration through a gift deed. All such deeds must be signed by the donor, attested by 2 witnesses and then registered. Charges will vary in each state as stamp duty must be paid on the value of the property. Generally, such gifts are given by one family member to another, but there is no such restriction. However, gifts from relatives (and wedding gifts) are exempt from tax.
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FAQs on Online Company Registration
Any person with a sound mind and competent enough to enter into an agreement can be a donor.
No. A minor is considered incapable of entering into an agreement.
A minor can also be a donee, but his guardian can only accept the gift on his behalf. The minor can accept or return the gift after he attains adulthood.
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