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 ?
nihal devang mehta 11 March 2022
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 ?
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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