A Gift Deed involves the act of endowment of the ownership from one’s property to another. While gifting property to a loved one, first it is important to fulfill some necessary monetary implications.
WHAT IS A GIFT DEED?
This is a document that can be used to voluntarily gift an individual moveable or immoveable property. A gift deed can be executed immediately, unlike a Will.
It also proves that the transfer was made without the exchange of any money between both parties. No kind of financial transaction is involved in this process.
However, a declaration in writing form isn’t necessary for gifting property as it can be conducted orally as well.
COMPONENTS OF A GIFT DEED
There are several details that must be mentioned in the gift deed.
Following are some of them:
- There should be complete details of both donor and donee including name, address, and the relation between them
- It should be mentioned in the gift deed that the transfer of the gifted property is performed by the donor’s own free will without any pressure or threat to gift the property
- All complete details of the property including dimensions, plan, and area details should be mentioned by the donor
- The donee will have complete rights to mortgage, sell, lease or rent the property as per his own will
- At least two witnesses are required as proof along with their complete name and address details on the document
- Acceptance of both the donor and donee is required on the gift deed
When it comes to valuable property, ACE Starlit is an ideal investment offering 2 BHK flats in Noida sector 152.
HOW TO DRAFT A GIFT DEED?
Drafting can be done by the following procedure:
- On top, the place and the date should be mentioned in the document
- Complete information and details of both the donor and donee including name, address, date of birth, and signature
- Two witnesses and their signatures
- After the addition of the necessary details, your deed should be printed on stamp paper and to be registered at the registrar or sub-registrar office
Read More: REASONS TO INVEST IN NOIDA REAL ESTATE
DOCUMENTS REQUIRED FOR REGISTRATION
To register in the registrar or sub-registrar office, some important documents are required including identity and property documents. They include:
- Original gift deed document
- Your ID Proof (Adhaar Card, Driving License)
- Witnesses ID Proof
- PAN Card of both the donor and donee
- Sale deed/Title deed to prove the identity of the ownership of the owner
- Passport size photographs
These are a few of the important things to consider when using a gift deed to gift a property to your loved ones.
ACE Starlit is a residential property in sector 152 Noida offering a contemporary lifestyle among green environs. For more information on this project contact ACE Group.
ACE Starlit – RERA number UPRERAPRJ677294 | UP RERA : www.up-rera.in