A gift deed is a vital document that needs to be drafted carefully. All mandatory requirements of creating a Gift deed need to be fulfilled to do a valid deed.
Gift Deed: Drafting, Registration, Stamp duty, Tax Implication and FAQ
Tag: Gift Deed
Importance of title deed and other property ownership documents
The title means ownership. In terms of property, it is a legal right to own. Any deed, i.e., a written document that confirms the ownership is the title deed. It mentions the rights and obligations of the owner.How important is the title deed:It is incredibly crucial to check the property papers before dealing with any […]
Tax for NRIs on gifts of money and property from resident Indians received through gift deeds
Gifts in India are taxable under the Income Tax Act. Gift can be in cash or kind (moveable or immoveable property and other assets specified under the Act). A resident Indian can make a gift to an NRI through a gift deed, but there is a claim on gifts received by NRI.NRIs are taxed for income […]
Transfer by Gift deed is not taxable
Gifts transactions are not taxable in the hands of the donor. For a donee, the gift deed transfer is taxable, but there are exceptions. Gifts are prevalent among family members or close relatives. It is one way of expressing love and affection. People also make gifts to save taxes as some of the Gift transactions are […]
Useful Tips to Transfer a Property
When we transfer a property, one thing we need to ensure is that the act of transfer is complete. The legal formalities are fulfilled, and the rights and interests are transferred as desired.Transfer of property It is an act by which one person transfers the rights and interests in a property to another. There is a […]
Gift Deed- Implications, Interpretations and Information
Can parents take back the property gifted to their children?Let’s skip the mystery and come straight to the point! The answer is – YES Parents can indeed take back the property they have gifted to their children. Remember: All Gift transactions come under the purview of the Transfer of Property Act. Under this law, a valid gift once […]
CAN A GIFT DEED BE CHALLENGED IN INDIA
Yes. A Gift deed being an instrument for transferring the rights in the property can be challenged in India.Gift: A gift is a gratuitous transfer of property by a donor to a donee voluntarily. Gift Deed: A legal document describing the transfer of property. A gift deed is an agreement between the two parties […]
How to Make Gift Deed in Gujarat?
An owner of the property can transfer the same in many ways like Will, Gift or Sale.Among family and friends, the property is usually transferred by way of executing a Gift Deed. The process of Gift deed creation is generally the same in all the States of India. There are certain requirements which are specific to […]
Tax implications on a gifted property
Gifting a property is a kind gesture, and it is better to be aware of tax implications for gifting a property.We had a case where Mr Bhushan, an NRI was gifted with land situated in India by his father, a resident Indian. He wanted to know: If a land in India can be gifted by […]