In this article we are providing format of gift deed of movables which will help you to understand the format related gift deed related movables
Gift Deed of Movables
THIS DEED OF GIFT made and executed at this day of Two Thousand and by A B C of, Indian
Inhabitant, residing at hereinafter called “THE DONOR” (which expression shall unless it be repugnant to the context or meaning thereof, shall be deemed to mean and include his heirs, executors, administrators and assigns) of the ONE PART; AND P Q R also of, Indian Inhabitant, residing at __, hereinafter called “THE DONEE” (which expression shall unless it be repugnant to the context or meaning thereof, shall be deemed to mean and include his heirs, executors, administrators and assigns) of the OTHER PART.
(a) The DONEE is the brother of the DONOR.
(b) The DONOR is absolutely seized and possessed of several movables and which are his self acquired and/or owned property. The said movables are more particularly described in the Schedule hereunder written and are hereinafter referred to as “the said movables.”
(c) In consideration of natural love and affection which the DONOR bears towards the DONEE, the DONOR out of his own free will and accord is desirous of making a gift of the said movables to the DONEE and which has been duly gifted by the DONOR to the DONEE in the manner recorded hereinafter. For the purpose of the stamp duty, the said movables are valued at Rs.__/- (Rupees
(d) The DONEE has accepted the said gift by executing these presents in testimony hereof; and
(e) The fact of the said gift is recorded herein.
NOW THIS INDENTURE WITNESSETH THAT for effectuating the aforesaid desire and in consideration of natural love and affection which the DONOR bears
his brother, the DONEE, the DONOR doth hereby grants, transfers, conveys and assigns by way of gift the said movables as more particularly described in the Schedule hereunder written unto the DONEE TO HOLD the same unto and to the exclusive ownership and use of the DONEE forever and absolutely AND the DONOR doth hereby represents, warrants and covenants with the DONEE THAT he the DONOR has good right, full power and absolute authority to gift the said movables unto and to the use of the DONEE in the manner aforesaid AND IT IS DECLARED AND CONFIRMED THAT the DONEE has become the absolute owner of the said movables and the DONOR has ceased to have any beneficial right, title or interest in the same.
SCHEDULE ABOVE REFERRED TO:
(Give description of the said movables)
IN WITNESS WHEREOF the DONOR having gifted and the DONEE having accepted of the said gift, have put their respective hands the day and year hereinabove written.
SIGNED AND DELIVERED by )
the withinnamed A B C, )
the DONOR abovenamed, )
in the presence of …… ) 1.
SIGNED AND DELIVERED by )
the withinnamed P Q R )
the DONEE abovenamed, )
in the presence of ……. ) 1.
Gift Deed of Movables
A gift deed of movables is a legal document used to transfer ownership of movable property (personal property that can be physically moved) from one person (the donor) to another (the donee) without any monetary exchange. Movable property includes items such as jewelry, vehicles, artwork, furniture, cash, and other tangible items that are not considered real estate (land or immovable property).
Here’s an overview of the key points related to a gift deed of movables:
- Intent: The donor must have a genuine intention to gift the movable property to the donee. This intention must be clearly stated in the gift deed.
- Voluntary Transfer: The transfer of property must be voluntary and without any coercion or undue influence. Both the donor and donee must agree to the transfer willingly.
- Acceptance: The donee must accept the gift, and this acceptance is usually mentioned in the gift deed itself. An unconditional acceptance is necessary for the gift to be valid.
- Legal Formalities: While gift deeds of movables are generally less formal than those for immovable property, it’s still advisable to have a written document to avoid disputes in the future. The gift deed should include details about the property being gifted, the value (if known), the names and addresses of the donor and donee, and their relationship (if any).
- Stamp Duty and Registration: Depending on the value of the property and the local laws of the jurisdiction, stamp duty might need to be paid on the gift deed. Registration of the gift deed might also be required if the law in your jurisdiction mandates it for gifts of a certain value. Regulations related to stamp duty and registration vary from place to place.
- Delivery: Delivery of possession is crucial for the validity of a gift deed. In the case of movables, the property should physically move from the donor to the donee.
- Revocation: In some jurisdictions, the donor may retain the right to revoke the gift under certain circumstances. Make sure to understand the rules regarding revocation in your jurisdiction.
- Taxes: Depending on local tax laws, there might be tax implications for both the donor and the donee. It’s advisable to consult with a tax professional to understand any potential tax liabilities.
- Witnesses: It’s generally a good practice to have witnesses sign the gift deed. The number of witnesses required can vary based on local laws.
It’s important to remember that laws related to gift deeds and property transfers can vary significantly based on the jurisdiction. Therefore, it’s recommended to consult with a legal professional who is familiar with the laws of your area when creating a gift deed of movables. They can guide you through the proper procedures and ensure that the gift is legally valid and enforceable.