The owner (donor) can transfer property to the donee in a variety of ways, including by gift, will, or sale. The gift deed is typically the method used to transfer property to family members.
What the Gift Deed Means:
A Gift Deed is a legal document that specifies the non-monetary transfer of a gift from the donor to the donee.
When a person wishes to give money or property to another, an agreement known as a gift deed is used. Using a gift deed, a property that is either moveable or immovable can be freely given from the donor to the donee. The property owner can gift the property to anyone with a gift deed, avoiding future disputes over succession or inheritance claims. A registered gift deed is also evidence in and of itself. Unlike a will, a gift deed transfers property immediately and does not require you to go to a court to have it executed, saving you time.
What Presents Must Have a Gift Deed Attached to Them?
A gift deed is needed to transfer movable, immovable, or existing property that is transferable.You will be able to avoid any subsequent litigation with a registered gift deed.
1.It must be property that can move or stay put.
2.It ought to be movable.
3.It cannot be a future asset and must exist right now.
4.It has to be observable.
Detailed Instructions for Cancelling a Gift Deed:
Section 126 of the Transfer of Property Act of 1882 deals with suspending or revoking a gift. Segment 126 gives that the giver and donee might concur that on the occurrence of any predetermined occasion which doesn’t rely on the desire of the contributor, a gift will be renounced or suspended.
If a gift of immovable property is not registered in accordance with Section 123 of the Transfer of Property Act of 1882, it will not grant any title to anyone. Two witnesses are required to attest a property gift made during or after registration before title can be transferred.
Required Documentation for Registration:
After the Gift Deed has been signed, witnessed by two people, and the stamp duty has been paid, you will need the following documents:
Original Gift Deed, Aadhar Card, ID Documents, and PAN Card A document like a Sale Deed is needed to show that the donor owns the property.
You might also need other documents, like certificates that show how much your house is worth.
Giving Up a Gift:
1.Revocation by mutual agreement: A gift may be revoked upon the occurrence of an event that is not dependent on the donor, if the donor and donee agree. Revocation by mutual agreement: Revocation cannot be expressed as a wish or desire; it must be explicitly stated.
2.Revocation by rescission: The gift is a voluntary transfer of ownership that does not involve the exchange of money or other consideration. Therefore, the gift can be revoked if the parties did not freely consent to it, or it can be revoked if it was obtained through coercion, undue influence, or fraud.
CASE “S. Sarojini Amma v. Velayudhan Pillai Sreekumar 2018 SCC OnLine SC 2200” “In this case, the Supreme Court observed that the appellant had right to cancel the deed and that there was no completed gift of the property in question to the respondent.”
The Gift Deed and Cancellation Provisions are outlined in the Transfer of Property Act of 1882.A gift of property can be given by any person who is the actual owner of the property. In reality, a gift deed stipulates that the property may be transferred to another person without consideration by any owner. In a similar vein, the gift deed can be canceled under the terms of the agreement.