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sundeep yadav (SNCO)     04 August 2012

Types of gift deeds

 

1.      Types of gift deed 

2.      Rates or charges or percentage of various gift deeds

3.      I have heard that if gift deed is executed in blood relation  then the cost is  zero.            is it so?

4.      What all relations comes under blood relation

 

         or define blood relation



 5 Replies

Nitish Banka (lawyer)     04 August 2012

1. There are two types of gift deeds; revocable and irrevocable.  With a revocable gift deed, the donor keeps the legal document until he or she decides to give the document to the donee or recipient of the gift.  The donor can revoke the gift deed at any time.  There is no legal obligation on the donor to provide the gift.  With an irrevocable gift deed, the donee or recipient of the gift becomes its legal owner as soon as the donor physically delivers the gift deed document to him or her.  In an irrevocable gift deed the donor can not revoke the gift offered.  In both cases, the right to obtain physical delivery of the gift is postponed until the gift is actually given, or the donor becomes mentally incapacitated or deceased.

 

2


As per Stamp duty rates applicable in Delhi, the rate of stamp duty for a Gift deed is 8% of value.

 

3.as defined under S.122 of the Transfer of Property Act, a voluntary transfer of a property in consideration of natural love and affection to a living person.If donee is not a family member stamp duty is that of conveyance(sale)and 1 percent registration fee, if donee is a family member a fixed duty of Rs.1,000+surcharge and a fixed fee of Rs.500 for regisration fee.

 

4. Blood Relation is the 1st degree relatives like

Mother

Father

Son

daughter

sister

brother

are in blood relations

Asoke Kumar Ghosh (Professor (retired))     05 August 2012

Is married daughter considered a family member in voluntery gift?

Nitish Banka (lawyer)     05 August 2012

The maratial status of daughter is irrelevent she is intitled to get a share  of the father's property....

sundeep yadav (SNCO)     18 September 2012

sir 

thanks a lot for your good advice

one more query pls

if gift deed is executed in blood relation  then the cost of registration in New Delhi

pls help once more 

thanks a lot sir

balwinder s bains (Nil)     12 October 2012

 

Dear Nitish Jee, 

Hi,

I will highly appreciate if you could suggest the following.

Can any one please advise the difference between a GIFT DEED and Transfer Deed?  If such deed happens in Punjab?

What could be the difference in terms of stamp duty payments or other registration fees involved in each case?

Can the gift deed be executed by paying less money in comparasion of executing transfer deed?

Can a transfer deed be considered as gift deed by any reason? 

If any one execute a transfer deed (say father in favour of his daughter in Punjab) and don't pay relevant stamp duty but at a later stage he tries to excuse it as a gift deed because it attracts lesser stamp duty, will the court accept it?

If at any stage the advocate engaged by the petitioner (objecting sale or transfer deed) describes this deed as gift deed under illegal influence or by any reason even sabotage, Will the court accept this transaction as gift deed while its executed as transfer deed.

Please advise.

Best regards & Thanks very much?


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