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Gift deed india

Also, for the recipient to be able to further transfer the property, a dior beauty gift with purchase registered gift deed will be required.
For example, Maharashtra has a cap on stamp duty payable on gift of a residential or agricultural property to ones spouse, children, grandchildren or wife gift for papa india of a son who has died, at Rs 200, irrespective of the value of the property.
Gifting is an act, through which a person voluntarily transfers certain rights in an asset to another person, without any consideration.
However, gifts from relatives (and wedding gifts) are exempt from tax.Legal requirements for gift of property.A "Declaration" is legal pronouncement by a court of law in respect of a person's right to property or his status.The following are essential ingredients for revocation of gift: there must be an agreement between the donor and donee that the gift shall be suspended or revoked on the happening of a specified event; such event must be one which does not depend upon the.

While a gift of house property does not involve monetary consideration, it needs to be registered and taxes should be paid in certain cases.
The gift deed can certainly be questioned in the court of law by filling a suit for such declaration.
There are various ways through which you can transfer a property that you own.
See also: What is Stamp Duty Rates Charges on Property?In West Bengal, the stamp duty for sale or conveyance deed is 5 of the propertys market value in panchayat areas, and 6 of market value in municipal areas.Why Vakilsearch, access to Experts, we connect you to reliable professionals and coordinate with them to fulfill all your legal requirements.Stamp duty and registration fee has to be paid to register a gift deed.Section 126 of the Transfer of Property provides for conditions where a gift can be revoked.Section 126 of the property transfer Act provides for a situation wherein a gift deed may be revoked by the donor.

All such deeds must be signed by the donor, attested by 2 witnesses and then registered.
However, if the holding period is more than 36 months, you will get the benefit of indexation on the cost of the property, as well as the option to claim exemption from payment of 20 long-term capital gains tax, by investing in a residential house.