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Can i gift a property which is burdened with liabilities?
23-May-2023 (In Documentation Law)
Can a property that has liabilities like loan, etc on it be gifted through a gift deed?
Onerous gift is a gift which is burdened with liabilities. When the liabilities of a property exceed its market value, gift of such a property is an onerous gift. Since acceptance is an essential for completing the transaction of a gift, a transferee may refuse to accept such a gift. When a gift is in the form of a single transfer to the same person of several things of which one is, and others are not, burdened by an obligation, the donee can take nothing by the gift unless he accepts it fully. However, where a gift is in the form of two or more separate and independent transfers to the same person of several things, the donee is at liberty to accept one of them and refuse the others. Also, a donee not competent to contract and accepting property burdened by any obligation is not bound by his acceptance. But if, after becoming competent to contract and being aware of the obligation, he retains such a property, he becomes bound thereafter.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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