What is a Gift Deed?

A Gift Deed is a legal document that facilitates the transfer of property from one person to another without any monetary consideration. It's commonly used for transferring property within families.

Understanding Gift Deeds

Unlike a Sale Deed, a Gift Deed involves no exchange of money. The transfer is made out of love, affection, or natural relationship between the parties.

Key Features

• No monetary consideration involved
• Transfer based on love and affection
• Irrevocable once executed and registered
• Must be registered to be legally valid

Legal Requirements

For a Gift Deed to be valid:

• The donor must be the rightful owner
• The donor must be of sound mind
• The gift must be made voluntarily
• The deed must be registered

Tax Implications

Gift Deeds have specific tax implications that both parties should understand before proceeding with the transfer.