Planning To Gift Your Property? Important Points to consider..

August 11, 2022

What is a gift deed?

A gift deed is an agreement that is used, when a person wishes to gift his property or money to someone else. A moveable or immovable property can be gifted voluntarily using gift deed, from the donor to the donee. A gift deed allows the property owner to gift the property to anyone and avoids any future dispute arising out of succession or inheritance claims. A registered gift deed is also evidence in itself and unlike in the case of a will, the transfer of property is instant and you will not be required to go to the court of law for execution of gift deed and hence, deed of gift also saves time.

Why Gift Deed?

A gift deed allows a property owner to voluntarily give his/her property to anyone and avoids any future dispute arising out of succession or inheritance claims.

Implications

There are many good reasons that someone gift property to lovedones but, there could be financial implications on doing so, especially if you are planning to gift a property. Here are certain points that must be considered before you decide to confer upon another the ownership of your property through a gift deed.

Which property can be gifted?

You cannot gift everything that you own. If you are a Hindu, you may dispose of your self-acquired property. Similarly, if you are a coparcener, you may give away your coparcenary interest in a property, subject to fulfilment of certain conditions. A widow might in certain cases gift a small portion of the property inherited by her from her husband, but she cannot do so by will.

How is a gift different from a sale deed?

In sale deed, you give away your property in return for money. The deed is registered stating how much you have been paid for the property sold. But if it is gift, then it is a relinquishment of your assets without any monetary consideration. The government does not accept gifting between two non-relatives; it earns revenue through stamp duty on real estate transactions.

Do I have to pay taxes if I gift my property to a relative?

The answer is no. Neither you nor the relative will be liable to pay taxes in a case the transfer takes place through a gift deed. However, you will have to pay stamp duty and registration charges on the transaction to provide it legal validity. Every State has different laws over the issue.

What if you want to gift the cash gained from the sale of the property?

In such a case, the recipient might have to pay taxes if he or she is not your relative. Under the tax law, if one receives a gift worth Rs 50,000 in one financial year, one will be liable to pay taxes under the head income from other sources. If the proceeds are transferred to, say, your son's account, he will not be liable to pay any taxes.

Source of information: Online.

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Thank you very much for reading my article as here intention is to share information and enhance knowledge for each & everyone for the betterment & provide more transparency in real estate sector.

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