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Gift deed & share certificate transfer
28-Aug-2023 (In Property Law)
My mother bought a flat in 2013 and executed gift deed to me in may 2021.
I want to sell the property to fund my purchase of bigger home. Can I transfer the share certificate to next potential buyer? If yea how can I have way around 29(a)
Well, you can certainly sell your Property which got transferred to you as Gift from your Mother. You have to create a Sale Agreement first, then you have to create a Sale Deed, then register it before the Registrar by paying requisite Registration fees and Stamp Duty to the Exchequer of Government, then the buyer has to initiate process to transfer Share Certificates in his name by approaching Society in which the flat is situated.
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Adv. Pankaj Bajaj
Mumbai | 500+ Answers
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What is the time limit for gift deed execution?
Do I have a time limit to contest a gift deed? Gift deeds can be challenged for up to 3 years after the date of execution, or the date the donee learns about it.
Can property received by gift deed be sold?
Yes, the property that is the subject of a gift deed can be sold. However, it must be registered according to the laws and without any conditions. The gift deed should be registered in the name of the recipient because it has the same value as a sale.
What is the cancellation period of gift deed?
Article 59, Limitation Act of 1963, states that a person seeking to cancel the Gift Deed (the plaintiff) will have three years to act from the date he or her learns the facts which entitle him or her to do so.
What is the validity period of gift deed?
The Gift Deed is valid for life when the donor transfers an immovable or mobile property. Only in the special circumstances listed in this article can it be terminated. Gift Deeds are valid even if a donor dies immediately after gifting a property.
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