Question: My aunt, who is my dad’s brother’s wife, wants to gift me a sum of money for my marriage, and we want to register this gift deed. What clauses can we add to the gift deed to ensure the following? The gift deed is not signed under any undue influence, coercion, or fraud, but rather it is signed willingly and with her full consent. None of her children, grandchildren, or legal heirs have any objections or reservations about the gift deed, and they cannot legally claim the gifted amount back from me as the donee. Should we obtain the signatures of her children on the gift deed to confirm that they are aware of the gift and that they have no objections to it? After the registration process is complete, how can we check the registered deed?
Asked from: Maharashtra
A gift deed is a legal document used to transfer ownership of property or assets from one person to another without any consideration or payment. In India, the essential ingredients of a gift deed are as follows:
- Parties involved: The gift deed must clearly state the names and addresses of the donor (the person giving the gift) and the donee (the person receiving the gift).
- Description of the property: The gift deed must include a detailed description of the property being gifted. This includes the location, area, boundaries, and any other relevant details.
- Consideration: Unlike a sale deed, a gift deed does not involve any consideration or payment. The deed should clearly state that the transfer is a gift and is being made without any payment.
- Voluntary transfer: The transfer of ownership must be voluntary and made without any coercion, force, or undue influence. The donor must be of sound mind and capable of making the gift.
- Acceptance: The donee must accept the gift in writing, and the acceptance must be included in the gift deed. The donee must also sign the deed to acknowledge receipt of the gift.
- Registration: In India, a gift deed must be registered with the appropriate authority to be considered valid. The deed must be signed by the donor, the donee, and two witnesses in the presence of a sub-registrar.
- Taxes and fees: The donor may be required to pay taxes and fees on the property being gifted. This may include stamp duty, registration fees, and capital gains tax.
It is important to consult with a lawyer to ensure that all legal requirements are met and that the gift deed is properly executed.