Transfer of Property by way of GIFT DEED in INDIA (Very Informative & useful information)
WHY GIFT needed: In INDIA, there are many instances where someone wish to gift his/her owned movable or immovable (property) to close relatives with love & affection so in this situation, one can simply use route of GIFT DEED to save stamp duty and transfer property to his/ her relative. What is the meaning & advantage of Gift Deed? A gift deed is a document by which ownership of the property can be transferred without any Consideration . A person who transfers the ownership is called a “Donor (Giver)” and the person who gets the ownership is called a “Donee (Receiver)” . Properties That can be Gifted Through a Gift Deed Both immovable and movable properties can be given away as gifts by the donor to the donee. Immovable property means land or any benefits arising out of land or anything attached to the earth but does not include growing crops, standing timber or grass. The properties that are not considered immovable properties are considered as movable properties. However