prabodh kumar patel (advocate) 18 October 2008
The amount should be specific as the amount of stamp paper is calculated on the value of the property gifted, so amount is an esential data to be mentioned in a Gift Deed. Without specific amount the proper stamp duty couldnot be calculated and hence, such deed is void and practically it could not also be registered.
peter (business) 18 October 2008
The Market value is calculated by the sub-registrar and the stamp duty is paid accordingly...but the line
The Market value is ________ ( in the body of the gift deed ) is empty..
The Gift deed has been registered by the sub registrar
Sankaranarayanan (Advocate) 18 October 2008
The transfer should be made voluntarily and without consideration. The person transferring the property is called the donor. The person to whom the property is transferred is referred to as the donee. The donee must accept the property during the lifetime of the donor and while he is still capable of giving. In case the donee dies before acceptance, the gift is void. A gift can be effected through a gift deed.
Any person who is competent to contract can gift his property. A minor, being incompetent to contract, is incompetent to transfer property. A gift by a minor is void. However, a minor can accept gifts.
A guardian can accept a gift on behalf of a minor containing a condition that a person nominated in the gift deed will act as a manager of the gifted property. Such acceptance would amount to recognition by the guardian of the nominated person as the manager or the agent of the minor for the purpose of such property.
A minor may be a donee. But if the gift is onerous, the obligation cannot bee enforced against him while he is a minor. But when he attains majority he must either accept the burden or return the gift. Gift may be accepted by or on behalf of the donee. Donee may be a person unable to express acceptance. A gift can be made to a child and could be accepted on its behalf. The donee must be an ascertainable person.
The subject matter of the gift must be certain existing movable or immovable property. It may be land, goods, or actionable claims, and must be transferable. There cannot be any gift of future property. A gift must be of tangible property.
A person should be an adult and of sound mind to make a gift. A gift, to be valid, must be made by a person with his free consent and not under compulsion. However, a mere weakness of the intellect would not be sufficient to invalidate a gift if the donor could comprehend the transaction.
A transfer of property must be voluntary and made gratuitously. It must satisfactorily appear that the donor knew what he was doing and understood the contents of the instrument and its effect, and also that undue influence or pressure was not exercised upon clear intention to make a gift.
Gift involves the process of giving and taking, which are two reciprocal acts. There must be acceptance of gift as well. There is no particular mode of acceptance. The acceptance may be express or implied. Further, the property must be accepted by the donee during the lifetime of the donor.
Fact of acceptance can be established by different circumstances such as donee taking a property or being in possession of deed of gift alone. If a document of gift after its execution or registration in favour of donee is handed over to him by the donor, it amounts to a valid acceptance of gift.
Even when a gift is made by a registered instrument, it has to be accepted by or on behalf of the donee to make it complete, failing which the gift will be bad. The law requires acceptance of the gift after its execution, though the deed may not be registered.
The acceptance may be signified by an overt act such as the actual taking of possession of the property, or such acts by the donee as would in law amount to taking possession of the property where the property is not capable of physical possession. Delivery of possession is an essential condition for the validity of the gift.
However, it is not necessary that in every case there should be a physical delivery of possession. Possession the delivery of which would complete a gift may be either actual or constructive. The donor should divest himself completely of all ownership and dominion over the subject of the gift.
A gift of immovable property can be made only by a registered instrument. A gift of immovable property, which is not registered, is bad in law and cannot pass any title to the donee. Documents should be stamped and registered as required, and attested by two witnesses. Mere delivery of possession without a written instrument cannot confer any title. A deed cannot be dispensed with even for a property of small valueDocuments should be stamped with appropriate non-Judicial stamp and to be registered as required under the India Registration Act
SHEKHAR MISHRA (public servant) 21 October 2008
Disclosure of value is necessary for valid registration.
gigi pramod (n/a) 10 November 2008
if NRI has bought a property situated in india in the name of his mother. now if he wants to transfer the said property in his name can he enter into a gift deed or settlement deed.