Will vs Gift Deed for NRIs: Best Way to Transfer Property in Maharashtra State of India.
Will vs Gift Deed for NRIs: Which Is More Convenient for Property Transfer in Maharashtra? For many Non-Resident Indians (NRIs) who own property in Maharashtra , a common question arises: what is the best and most convenient way to transfer property to family members — a Will or a Gift Deed? Both options are legally valid and widely used, but they serve different purposes and involve different costs, timelines, and legal procedures. Understanding these differences can help NRIs make an informed decision and avoid complications in the future. Understanding a Gift Deed A Gift Deed is a legal document through which a property owner transfers ownership during their lifetime to another person without any payment. Once the gift deed is executed and registered , the ownership is transferred immediately. Key Features of a Gift Deed • Immediate transfer of ownership • Must be registered with the Sub-Registrar office • Requires payment of stamp duty and registration charges • Usually use...