In this article, we are providing a Format For the Gift Deed. first, we have to understand the meaning of a gift.
Introduction
The term gift refers to the voluntary transfer of ownership from one person to another or a group of individuals without any consideration.
According to transfer of property act – “Gifts are the transfer of some existing movable or immovable property which is done voluntarily and without consideration. which is done by Donner to the donee.
Essential for Valid Gift
There are some conditions without it a gift is invalid those are as follows –
- Transfer of existing property
- It must be voluntarily
- There must transfer without Consideration
- The gift deed is voluntary, it must be clearly written in the gift deed that it is voluntary and is chosen by the donor without any fear, force or coercion. The gift deed must also declare that the donor is solvent.
1)
GIFT DEED
This GIFT DEED is made at ____-, on this day of ______, 20___, between MR. ________________ Age ___years, Occ:________, Indian Inhabitant, having address at ________________________________________________________, hereinafter referred to as “THE DONOR” (which expression shall where the context so admits be deemed to include his legal heirs, administrators, successors and assigns) THE PARTY OF THE ONE PART.
AND
Mrs._______________________________ Age____ years, Occ:_______, Indian Inhabitant, having address __________________________________, hereinafter referred to as “THE DONEE” (which expression shall where the context so admits, deemed to include his heirs executors, successors, administrators, and representatives) THE PARTY OF THE SECOND PART
AND WHEREAS the Donor herein had acquired and purchased a Residential Premises bearing ____________________________in the Building Known as ________________________, being situate at _______________________________(hereinafter referred to as “SAID FLAT” ) for valuable consideration;
AND WHEREAS the Donor is the absolute and lawful member of the ________________________________ registered under the Maharashtra Co.op. Society Act, 1960.
AND WHEREAS thus, the Donor is owner of the said flat and hence, the Donor is having 100% share, right, title , interest in the said flat (Hereinafter referred to as “ said 100 % share in the said flat”) and the donor is the absolutely entitled to full and absolute right, title and interest in respect thereof as owner thereof.
AND WHEREAS the said 100% share in the said flat is the self–acquired property of the donor purchased and acquired by him out of his own funds and means.
AND
WHEREAS the donee is the real Wife of the donor.
AND WHEREAS the donor bears love and affection for the donee.
AND WHEREAS out of such love and affection for donor’s Wife i.e. donee, the donor has decided to make a gift of the said 100 % share in the said flat unto the donee and the donor would like to gift transfer all the benefits rights, titles and interest in respect of the said 100 % share in the said flat which is more particularly described in the Schedule written hereunder in the name of the donee;
AND WHEREAS the donee is ready and willing to accept the gift of the said 100 % share in the said flat, if made to his by the donor;
AND WHEREAS THE DONOR DOES HEREBY COVENANT WITH THE DONEE AS FOLLOWS:-
a. The Donor hereby assures that no notice under any law for the time being in force has been served upon him in respect of his rights, interest in or benefits in respect of the said 100% share in the said flat.
b. There are no attachment or prohibitory orders as against or affecting the said flat and/or is not the subject matter of any easements or attachments. The Donor has not received any notice either from the Government, Semi-Government or Municipal Corporation regarding an of the proceedings in respect of the said 100 % share in the said flat.
c. The donor has good and clear title free from all encumbrances of any nature whatsoever of the said 100 % share in the said flat and every part thereof and there are no outstanding estates or effects by way of lease, sale, gift, trust or otherwise however outstanding against the Donor and / or against the said 100 % share in the said flat or any part thereof.
d. The donor has not done any act, deed, matter or thing whereby he is prevented from entering into this deed on the various terms and conditions as stated herein in favour of the donee and the donor has all the rights, title and interest to enter into this gift deed with the donee on the various terms and conditions as stated therein.
THIS GIFT DEED WITNESSETH AND NOW IT IS MUTUALLY AGREED AS FOLLOWS:
- The Donor out of his natural love and affection for the donee does make a gift of the said 100 % undivided share in Residential Premises ______________________________, in the Building Known as _________________________________unto and to and in favour of the donee TO HAVE AND TO HOLD the same absolutely and FOR EVER as the owner thereof.
2. That the donee do hereby accept the said gift made to his by the donor.
3. The donee shall get his name entered in the records of the rights in respect of the said 100 % share in the said flat as the owner thereof.
4. The donor declares and confirms that he has not dealt with his interest and / or transferred and / or assigned and / or agreed to transfer and assign the benefit in respect of the said 100 % share in the said flat to any other person or persons whomsoever, and the donor represents that he has full right and absolute authority to enter into these presents.
5. The Donor shall Co-operate with the Donee without charging any fees to obtain any permission, No objection Certificate or any other Certificate from the said Corporation, said society or any other local competent authority.
6. The Donee shall observe all the terms and conditions, shall become the exclusive member of the said society and do hereby undertake to abide by the rules and regulations of the said Co-op. Society/ Corporation, the said society or any other competent authority.
7. The Donor agreed and undertake to sign all necessary papers, documents required by the donee so as to effectually transfer the his rights in respect of the said flat in the name of the donee.
8. The donor does hereby declare and confirm that he, the donor, shall not have any right, title or interest in or over the said 100 % share in the said flat or any thereof.
10.The donee hereinafter shall have right and absolute authority to enter into any agreement either in the form of sale, lease, mortgage, deed, exchange, assignment, WILL or in any other manner whatsoever in respect of the said 100 % share in the said flat and shall have right to deal with or dispose of the said flat or any part thereof in any manner whatsoever
10. That the stamp duty, registration chares, cost, and expenses of and incidental to the execution and registration of this deed shall be borne and paid in equal proportion. .
SCHEDULE OF THE FLAT ABOVE REFERRED TO
ALL THAT premises being residential premises bearing ____________________________________, in the Building Known as “___________________________”. being situate at ________________________________ within the territorial limits of Municipal Corporation of ___________ and within the Registration Sub-District of ___________, District ————–.
IN WITNESS WHEREOF the parties hereto have hereunto set their hand and seal the day and year first hereinabove written:
SIGNED, SEALED AND DELIVERED )
By the within named ‘DONOR’ )
MR_________________________________
In the presence of ……………. )
1.
2.
SIGNED, SEALED AND DELIVERED )
By the within named ‘DONEE’ )
Mrs.________________________
In the presence of……………. )
1.
2.
SIGNED AND DELIVERED by )
the withinnamed X Y Z )
the DONEE abovenamed, )
in the presence of ……….. )
1.
2.
GIFT DEED
A gift deed is a legal document used to transfer ownership of movable or immovable property from one person (the donor or giftor) to another person (the donee or giftee) without any exchange of money or consideration. The transfer is made as a gift, which means it’s a voluntary transfer of property rights without any monetary transaction involved. Gift deeds are commonly used to gift property to family members, friends, or even charitable organizations.
Here are the key components and details typically found in a gift deed:
Parties: The gift deed should clearly identify both the donor (person giving the gift) and the donee (person receiving the gift).
Property Description: The gift deed must provide an accurate and detailed description of the property being gifted. This includes details like the property’s address, size, boundaries, and other relevant information.
Transfer of Ownership: The document should state that the donor is voluntarily transferring ownership of the property to the donee as a gift, without any consideration.
Consideration: Unlike sale deeds, where a consideration (money) is exchanged, gift deeds explicitly state that the transfer is being made without any monetary exchange.
Declaration of Gift: The deed should contain a clear and unequivocal declaration that the donor is gifting the property to the donee, and the donee accepts the gift.
Delivery of Possession: For immovable property, it’s important to indicate that the donor has delivered possession of the property to the donee. This could involve handing over physical possession or providing relevant documents, depending on the nature of the property.
Witnesses: The gift deed should be signed by both the donor and the donee, and their signatures should be attested by at least two witnesses.
Stamp Duty and Registration: In many jurisdictions, gift deeds are subject to stamp duty, which varies based on the value of the property and local laws. The gift deed must be executed on non-judicial stamp paper of a prescribed value. Additionally, some states may require the gift deed to be registered with the appropriate authority to make it legally valid and enforceable.
Intent: The document should clearly indicate the intent of the donor to make an unconditional and voluntary gift to the donee.
Revocation Clause: Some gift deeds may include clauses specifying that the donor cannot revoke or cancel the gift once it has been given.
Gift deeds are legally binding documents and should be drafted carefully to avoid any ambiguity or future disputes. It’s advisable to consult legal professionals or experts when drafting or executing a gift deed to ensure that it complies with local laws and effectively conveys the intended transfer of property as a gift.
Laws and regulations surrounding gift deeds may vary from one jurisdiction to another, so it’s important to consult with legal experts or local authorities to ensure compliance with the relevant laws in your area.
Questions and Answers
- Can gift deed property be sold?
Answer – Yes. It can be sold
- Can a gift deed be challenged in India?
Answer – Yes. It can be challenged in court
- Can a gifted property be taken back?
Answer – No. It can not be revoked after the gift is made and accepted by the donee
- Can gift deed be challenged by legal heirs?
Answer – Yes. It can be challenged in court of law by filling a suit