Definition of Gift is provided in Transfer of Property Act, 1882. Definition of Gift is also provided in Hindu Succession Act, 1956 and Mohammedan Law and Income Tax Act. Gift is Transfer of Certain Movable or Immovable Property. One of the main element of a Gift is that gift should be given voluntarily and free will. Gift should be given without any Consideration.
Any movable or immovable property can be gifted to other person. Movable asserts includes Property. Immovable Asserts includes Cash, Gold ornaments, Car, etc.
Registration is compulsory in case of Gifted Immovable Property. The Gifted property is transfer under Transfer of Property Act. Registration is not compulsory in case of Gifted Movable Property. It is recommendable to execute a Gift Deed in case of both Immovable property and Movable Property.
Gift Deed is an agreement signed between the person who is offering the gift and who is accepting the gift. In case of transfer of Immovable property, gift deed and registration of gift deed is compulsory. Gift deed is the only evident document of gift. It is always recommended that the agreement should be drafted with great care. The draft of Gift Deed should be written with the help of professionals to avoid any disputes in future.
1. Transfer of Property Act, 1882.
2. Hindu Succession Act,1956.
3. Mohammedan Law .
4. Income Tax Act.
5. Contract Act.
It is not clear and open that Gift once given is given for always. Gift can not be claimed back .There is no law for revocation of Gift Deed. But Gift Deed can only be challenged within three years from the date of Gift Deed. Gift deed can only be challenged on the basis of fraud and misrepresentation.
2. Property Papers
3. Aadhar Card
4. Gift Deed
5. Stamp Duty
6. Apointment Letter