what is Gift deed and settlement deed

Guest (Querist) 30 November 2008 This query is : Resolved

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R.Santha Moorthy (Expert) 30 November 2008
Gift deed is the instrument to bequeath a property as gift without any consideration at free will and on his/her own volition of the testator.

Whereas the Settlement may be or may not be for consideration of money or terms or conditions as the testator may reserve his/her life estate over the property as after his/her death only, the property can be enjoyed by the beneficiary or may be with any other conditions, which the testator may opt.

for question No.1: Stamp duty at the rate stipulated by AP Govt. In TamilNadu, it is 2% on the value of the property gifted to the maximum of Rs.10,000/= plus registration expenses nominally

for qustn 2:- as replied for No.1 above only. There is no other fee to any other authority.

3. already explained above.

4. it can be fininshed in a day, if the particulars of the property with title and revenue documents are given.

A. A. JOSE (Expert) 01 December 2008
Except for the clarification that stamp duty varies from State to State, rest of the points have been well covered herewin above and I endorse the same .

G. ARAVINTHAN (Expert) 01 December 2008
Gift can be conveyed to any person out of love and affection. All charges registration of Gift deed same.

Settlement deed - Registration charges may be low when conveyed to blood relations

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