Gift deed list of family members

Querist : Anonymous (Querist) 07 January 2012 This query is : Resolved
Whats are rules for execution of gift deed.(In case of immovable property)
can gift deed execute to any family member.
--(Please provide list of members of family)

For example-- In Between A wife of any person and wife of Brother

Because this is matter of saving of money.
In Haryana stamp duty rate are
Gift Deed-- 5%
Sale Deed-- 7%

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ajay sethi (Expert) 07 January 2012
Anyone can execute a gift deed in favour of anybody . no need for family relation ship . gift is made without consideration .

only gift deed has to be stamped and registered

Deepak Nair (Expert) 07 January 2012
Gift deed can be executed in favour of any body. Brother, parents, children, friends, cousins, trusts, temples, NGOs and so on.

Gift deed is valid only of it is registered and for registration you have to pay stamp duty which is equal to that ot deed of conveyance. The rate differs on the basis of state, locality etc.

Rajeev Kumar (Expert) 07 January 2012
Gift deed can be executed to anyone without consideration. It must be stamped and registered at the registar office

Sankaranarayanan (Expert) 07 January 2012
Well I do agree with experts at the same if the gift is transfer to other then relative is taxable under income tax

Querist : Anonymous (Querist) 07 January 2012
But There is difference in stamp duty rate in Haryana state.

For
Gift Deed-- 5%
Sale Deed-- 7%

Now what is better Gift deed or Sale deed.

ajay sethi (Expert) 07 January 2012
gift deed is better

Sailesh Kumar Shah (Expert) 07 January 2012
If really wish to gift someone, then gift deed would be better.

Raj Kumar Makkad (Expert) 07 January 2012
I cannot answer so swiftly as sethi has given in favour of gift deed compared to sale deed.

One has to observe the nature of the property means the origin of the property and then has to decide which deed is better. You cannot show consideration in gift whereas consideration amount is must to be shown in sale-deed.

If you are selling any immovable property then it is better to get executed registered sale-deed but if there seem any consideration of love and affection, services etc. then gift deed shall be better.

Deed is not preferred just on the basis of stamp duty rather on the circumstances of the case/matter under consideration.

ajay sethi (Expert) 07 January 2012
the querist wants to save money . he has not mentioned any consoderation is involved . his main query is whether gift can be executed in favour of any family member .

under the circumstances makkadji i had advised gift deed would be better

Devajyoti Barman (Expert) 07 January 2012
Gift can be executed in favour of both family and non family members.
If it is among the close family members then the stamp duty in WB is .5% whereas for others it iss same as sale i.e.6%.