Giving away one's property to another by means of a gift deed is known as a gift. A gift deed is a legal document used when someone wants to give their money or property to another person. A deed must be drafted very carefully so that no dispute can be raised out of the vagueness of the language of the deed. Thus, it is advisable to hire a professional, well experienced Lawyer for Drafting a Gift Deed.
Law Chef has well experienced drafting experts who can make your gift deed ten times more relevant that any other lawyers in Delhi and Noida. Our lawyers and advocates has an experience of more than 10 years, so if you are looking for a professional who can draft your deed, Law Chef is at your Service. Law Chef is a comprehensive source of legal information and services, providing you with the best options to resolve your legal problems and gift deed related property dispute. Apart from that, a gift deed can be used to freely transfer ownership of movable or immovable property from the giver to the done. It is necessary to transfer ownership of moveable, immovable, or transferable existing property. If a dispute arises later, having a registered deed will help you prevent it.
In addition to the paperwork indicated above, you must present the original gift deed, ID documentation, PAN and Aadhaar cards, the property sale deed, and any other documents relevant to any agreements involving this property.
When somebody gives a gift he/she cannot revoke it easily but, according to Section 126 of the Transfer of Property Act, 1882, revoking of a gift deed may be allowed under certain circumstances:
There are many myths relating to this deed such as you can gift your property as you like, anyone can gift a property and since it is a gift, there cannot be any tax implications.
In India, giving away property has certain tax and stamp duty repercussions. Gifts (i.e., immovable property acquired without payment) made only on a person's marriage are not subject to tax. There is no other situation than marriage where a gift received by an individual is exempt from taxation.
A gift deed is a legal document used when someone wants to give their money or property to another person.
There are many myths relating to a gift deed such as You can gift your property as you like, anyone can gift a property and since it is a gift, there cannot be any tax implications.
According to Section 126 of the Transfer of Property Act, 1882, revoking a gift deed may be allowed under certain circumstances:
• If the gift deed was made due to coercion or fraud.
• If it is determined that the grounds of gift deed were immoral, illegitimate or reprehensible.
• If it was agreed upon from the beginning that the gift deed is revocable under certain circumstances
Capital gains tax (CGT), which is imposed on any profit originating from or deemed to have arisen from a gift of property, is applicable.
Gifts (i.e., immovable property acquired without payment) made only on a person's marriage are not subject to tax.
The cost of a gift deed in Delhi can vary, and it depends on factors such as the property value and legal fees. It's advisable to consult with a local lawyer or a legal professional to get accurate information based on your specific situation.
A gift deed can be challenged on various grounds, including fraud, coercion, or lack of free consent during the transfer. Additionally, if the donor was not mentally competent at the time of making the gift, or if there are discrepancies in the documentation, it could be contested.
Connect with our expert to discuss your issue, and they will respond right away with a solution.
Once our team has determined the severity of your problem categories, an experienced lawyer will be assigned to you for further action.
Drafting is a crucial instrument for a compelling argument, and our skilled drafter will do it for you.
Our team will keep you informed on the status of your case at regular intervals and provide guidance.
I contacted Lawchef to assist with a somewhat scary situation in which I was being sued personally for something that wasn't our fault. I was concerned we would lose everything, but after only a few sessions, the lawchef team had us under control.
The Lawchef team was not only very competent in a child custody dispute, but also very sensitive to the fact that it was turning out to be a stressful event for everyone concerned. team would regularly "check in" with us to make sure we were aware of what was going on.
The Lawchef team is the best I've ever worked with for contract drafting. He was very responsive when I had questions outside of our sessions and has always explained things to me in language I can readily understand.