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What is the difference between gift deed and partition deed
29-May-2023 (In Property Law)
Hi, I would like to transfer 25% of his self earned property to my wife, 50% to my son and keeping the other 25% to myself. Apparently, doing this through Gift Deed does not retain the title of 25% ownership of my share. Please suggest which is better, Gift Deed or Partition Deed. Are there any drawbacks using Partition Deed and will the stamp duty charges (in Karnataka) be very similar to the Gift Stamp Duty charges
Transferring to wife and blood relatives like sons will involve same stamp duty in Karnataka. Doing whichever is your choice. No drawbacks as I see exists in any of these two. You need to pay for papers drafting also.
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Adv. S.K Prabhakar Shetty
Bangalore | 500+ Answers
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Can a partitioned property be gifted?
Your father has the right to gift his property as he wishes during his lifetime, but only after his death can others claim it.
What are disadvantages of gift deed?
Misuse Potential: If the donor does not take care, the gift could be used by the donee to avoid taxes or transfer ownership to another person.
What is the purpose of partition deed?
A partition deed, or partition agreement, is a document that divides a property owned by more than two people. It is a legal document that outlines the conditions and terms for dividing the property and distributing the shares among the co-owners. 16-Jun-2023
Which is better settlement deed or gift deed?
What is better, a settlement deed or gift deed? A gift deed is the best option. The best option is to use a deed of gift, as the property will be transferred immediately from the donor to recipient while the donor is alive. The best way to avoid stamp duty is by using a gift deed.
per the Income Tax Act, 1961 if the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc.
However, this rule is not applicable if your relatives present the gifts. Now just to escape gift tax in India you can’t call a person your relative saying he is the son of my uncle’s neighbour’s vendor’s sister! To avoid scenarios like these, the income tax rules specify relatives from whom tax free gifts can be received. These are:
Parents
Spouse
Your and your spouse’s brothers and sisters
Brothers and sisters of your parents
Your lineal descendants (including spouses)
Lineal descendants (including spouses) of your spouse
However, this rule is not applicable if your relatives present the gifts. Now just to escape gift tax in India you can’t call a person your relative saying he is the son of my uncle’s neighbour’s vendor’s sister! To avoid scenarios like these, the income tax rules specify relatives from whom tax free gifts can be received. These are:
Parents
Spouse
Your and your spouse’s brothers and sisters
Brothers and sisters of your parents
Your lineal descendants (including spouses)
Lineal descendants (including spouses) of your spouse
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Adv. Vedashree A
Bangalore | 500+ Answers
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Dear Sir,
I will like it to go through the documents relating to your property, after examining the documents I can be in position to advise you properly. Please feel free to contact me. Thanks for writing.
I will like it to go through the documents relating to your property, after examining the documents I can be in position to advise you properly. Please feel free to contact me. Thanks for writing.
Helpful?
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A gift deed can be used to transfer ownership from one person to another without paying for it. A partition deed is more suitable if there are several parties involved. However, a gift deed would be better suited for transfers between family members.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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