oral gift

unknown person (Querist) 30 December 2010 This query is : Resolved
Is there any value of oral gift according to law?

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Guest (Expert) 30 December 2010
unless and until the oral gift reduced in writing. So oral gift is not valid.

unknown person (Querist) 30 December 2010
Thank you ...........

abhishek (Expert) 30 December 2010
Hi,
in case of immovable property, transfer must be made by a registered document and in case of movable property, transfer may be made by a registered document or by delivery of property.

B K Raghavendra Rao (Expert) 30 December 2010
Oral gift is not valid in the eyes of law.

H.M.Patnaik (Expert) 31 December 2010
Yes.Oral gifts are not enforceable at law.

Kirti Kar Tripathi (Expert) 31 December 2010
If gift is for movable property, it is valid but for immovable property the registration is mandatory under section 123 of T.P. Act.
The relevant provision is as below

123.Transfer how effected.

1* 123. Transfer how effected.-For the purpose of making a gift of immoveable property, the transfer must be effected by a registered instrument signed by or on behalf of the donor, and attested by at least two witnesses.

For the purpose of making a gift of moveable property, the transfer may be effected either by a registered instrument signed as aforesaid or by delivery.

Such delivery may be made in the same way as goods sold may be delivered.

malipeddi jaggarao (Expert) 31 December 2010
Good explanation by expert Kirti Kar Tripathi

M V Gupta (Expert) 01 January 2011
Follow the advise of Shri Kirtikar Trpipathi. Gift of moveables does not require to be done under a registered document. But where the value of the moveables is high it is advisable to confirm the gift in wrting (may be in the form of a letter addressed to the receipient) so as to enable the receipient to prove it before the Income Tax authorities and calim exemption from tax.

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