A gift of immovable property must be made through a gift deed signed by the donor and attested by two witnesses, and registered with the Sub-Registrar under the Transfer of Property Act, 1882 and Registration Act, 1908. The donee must accept the gift during the donor's lifetime. Stamp duty depends on the state, with concessions for close relatives in many states.
Essentials of a valid gift
- Voluntary transfer without consideration
- Existing property owned by the donor
- Acceptance by the donee during the donor's lifetime
- Registered deed for immovable property
Registration process
- Draft the gift deed with property details.
- Pay stamp duty and registration fee.
- Donor, donee and two witnesses appear before the Sub-Registrar.
- Deed registered and returned; update mutation records.
Stamp duty
Many states charge reduced or nominal stamp duty on gifts to close family members such as spouse, children or parents. Others charge the full conveyance rate.
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Gifts from specified relatives are exempt for the recipient. Gifts from non-relatives above Rs 50,000 are taxable, except on specified occasions such as marriage.
Frequently asked questions
Can a registered gift deed be revoked?
Generally no, unless the deed contains a revocation condition agreed by both parties or the gift was obtained by fraud or coercion.
Is gift deed registration possible online?
Many states allow online document preparation, stamp duty payment and appointment booking, but parties usually need to appear for biometric verification.
Can a gift be made to a minor?
Yes. The gift can be accepted on behalf of the minor by a guardian.
Do I need a gift deed for cash gifts?
Not legally, but a simple gift deed or declaration helps prove the nature of the transfer for tax purposes.
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