What are the documents needed for transferring any registered property

510 votes

Steps To Create Your Own Gift Deed
1. Making Gift Deeds, at the foremost, involves the meeting of clauses recommended by the law, regarding whether or not one can gift a movable or immovable property to a minor, taxation of gift and so on. (more of which will be explored further in the article)
2. Conventionally, drafting a Gift Deed is done by a legal practitioner, but one way to start doing it right now sitting at home is by using our portal. So begin drafting your document from LegalDesk by clicking the button at the end of this page.
3. Have the Gift Deed printed on Stamp Paper of suitable denomination and have both the Donor and the Donee sign the document in the presence of two witnesses.
4. Depending on the nature of the gift one can register the Gift Deed at the closest Sub-Registrar Office.
Laws Applying To The Gift Deeds In Maharashtra
Making any Gift Deed, in Maharashtra or anywhere in India has to be in accordance with the Transfer Of Property Act, 1882.
While the formalities between the said parties is mentioned in the above Act, the charges of Registration and Stamp Duty charges vary from every state.
While Stamp Duties are governed by The Maharashtra Stamp (Amendment) Act, 2015, the registration charges are stipulated as per the rules of The Registration Act 1908.
What Is A Gift Deed?
As defined in the Transfer Of Property Act, 1882 a gift deed “is the transfer of certain existing movable or immovable property made voluntarily and without consideration, by one person, called the Donor, to another, the Donee, and accepted by or on behalf of the Donee.”
Some of the inferences derived from the law, and also the kind of information that one must know before making a Gift Deed can be referred to as follows,
1. If the Donor is a minor the transfer of a gift cannot be legally binding.
2. When the Donee is a minor, the gift is to be transferred to the minor’s guardian, until the minor comes of age, after which he/she will be the rightful owner.
3. Gifting a future property, not already registered in the Donor’s name, when transferred cannot be recognised as a Gift Deed.
4. The gift of a property to two or more Donees, of whom one does not accept it, is not considered for the one who doesn’t accept it and not both.
Everything You Need To Know About Making A Gift Deed
Gift Deeds are primarily of two types, the Gift Deed of a movable and an immovable property. While the registration of a movable property may not be compulsory, the registration of the Gift Deed for a immovable property is compulsory. Or the rightful ownership would not be transferred.
A gift can be considered valid only when the below conditions are met,
1. It’s made voluntarily.
2. It is without consideration.
3. There has been an offer by the Donor.
4. The offer has been accepted by the Donee.
A Gift Deed will be rendered void if the Donee accepts the gift after the demise of the Donor. And hence, when the Donor wishes to gift a property to a Donee, after his/her lifetime, one can draw up a will and bequeath the property but otherwise can’t be transferred after the Donor’s demise.
In the instance where the Donor wants to bequeath a property after his/her lifetime, all the title deeds, right from the first sale/transfer, the deeds pursuant to which the Donor acquired land, as well as all certified plans, permissions for construction of the house/property, and so on will have to be produced. Each of these documents have to be duly stamped and registered.
A Gift Deed once registered cannot be cancelled or revoked. Legal remedy can be obtained only if the deed was executed by coercion, undue influence or misrepresentation as mentioned under the Indian Contract Act, 1872. Otherwise, unregistered Gift Deed can be revoked and it holds no validity.
Stamp Duty payable for a Gift Deed differs across states. In Maharashtra, payment of Stamp Duty as mentioned earlier is governed by Maharashtra Stamp Act, 1958. The Stamp Duty leviable on a Gift Deed for an immovable property, is same as payable on conveyance of immovable property. Stamp Duty is thus calculated on the basis of the property’s market value. Furthermore, in the Maharashtra Stamp (Amendment) Act, 2015, which came into effect from 24 April, 2015, it has been provided that if residential and agricultural property is gifted to a husband, wife, son, daughter, grandson, granddaughter or wife of deceased son, duty chargeable shall be Rs. 200 only.
Stamp Duty chargeable for non-family members can be referred from the following table-
Nature of the Document Stamp Duty
(i) Gift Deed to someone with no family ties 5% of the market value of the property
(ii) Gift Deed to relatives outside the defined ‘family’ under Transfer Of Property Act:
• Father-in-law to daughter-in-law 5%
• Mother-in-law to Daughter-in-law 5%
• Uncle or Aunty to nephew/niece 5%
• Son/daughter to parents 2%
• Siblings to each other 2%
• Grandchildren to Grandparents 2%

Advocate Siddhant Sharma LawRato

941 votes

First of all I will require to go through the documents of a flat which needs to be transferred. Also need to understand what do you mean by nephew, I mean a son of your brother or your other sister? Only after reviewing this position I will be able to guide the course of action and what documents needs to be executed.

Advocate Bankim Mehta LawRato