Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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nihal devang mehta   11 March 2022

Can i gift an unfinished flat ?

According to section 124 of transfer of property act:

A gift comprising both existing and future property is void as to the latter

Regarding this, can I gift an under construction flat ?



Learning

 1 Replies

Palak batra   12 March 2022

Dear Querist,

 

The Transfer of Property Act of 1882 talks about transfer of a movable or immovable property by way of a gift. Section 122 of the said Act defines Gift as the transfer of certain existing property (movable or immovable), of which transfer is made voluntarily i.e. without any coercion or duress of any form and there is no question of any consideration whatsoever, but only natural love and affection.

 

Registering a gift deed with the sub-registrar of assurances is mandatory as per Section 17 of the Registration Act, 1908, failing which the transfer will be invalid. Besides, such a transfer is irrevocable. Once the property is gifted, it belongs to the beneficiary and you cannot reverse the transfer or even ask for monetary compensation.

 

The benefit with Gift deed is that State governments offer a concession on stamp duty rates if the property is gifted to blood relatives.

 

Regards,

Palak


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