Gift deed

Sunil Lengare (Querist) 15 May 2014 This query is : Resolved
My Brothers name is Subhash. He has property in his name only. My name is Sunil and My wife's name is Vidya. We want to transfer ownership of the property which is currently in the name of Subhash to (Myself Sunil and Vidya) by gift deed, Can such gift deed be made? Can a person make a gift deed in the name of his brother and brother's spouse jointly?

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Devajyoti Barman (Expert) 15 May 2014
Yes, the owner of a property can executed gift deed in the name of nay person he likes.

R.V.RAO (Expert) 15 May 2014
gift deed can be made between relatives without attracting gif tax .so you and your wife can receive gift from your brother. (no gift tax). only court fees and stamp duty (differ from state to state) as per state law payable.better register the gift deed in SRO ,so that it cannot be revoked in future.

Guest (Expert) 15 May 2014
Gift can be given to anyone. Whether he is relative or not has nothing to do.

Sankaranarayanan (Expert) 15 May 2014
Yes I do agree with experts

Rajendra K Goyal (Expert) 15 May 2014
yes is the answer, gift can be done in your favor.

ajay sethi (Expert) 15 May 2014
yes gift deed can be made . have it duly stamped and registered

Kumar Doab (Expert) 15 May 2014
Avoid conditions in the deed and ensure that it is irrevocable.

Sunil Lengare (Querist) 20 August 2015
I am sorry being late but not want to miss it - Thank you so much for your valuable response.

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