Format of Gift Deed to gift Land, Building, Flat or other Property to Relative without consideration. Download Gift Deed format.
You can gift Shares owned by you to your relative by preparing a gift deed.
Registration of Gift Deed
A Gift Deed is a legal document that represents a transfer of gift from one person to another as per the provisions of the law. Gift Deed is a legally binding written document defined in Section 122 of the Transfer of Property Act, 1822, through which the donor can transfer an existing movable or immovable property to the donee voluntarily. A Gift Deed is valid only if it is given out of love and affection, without any consideration in return by one family member/ friend to another. Also, under Section 17 of the Registration Act, 1908, it is mandatory to have a registered Gift Deed when you want to transfer immovable property.
Following are the conditions to be met to make a gift of property valid.
1. A transfer of property must be voluntary and made gratuitously.
2. It must satisfactorily appear that the donor knew what he was doing and understood the contents of the instrument and its effect.
3. Documents should be stamped and registered as required, and attested by two witnesses.
4. A valid gift of property can be made only by a registered instrument.
5. The Person to whom the property is being transferred (Donee) must accept the property during the lifetime of the donor. If the Donee dies before accepting the gift, the gift becomes void.
6. A minor cannot be a donor but can be a Donee. If the property is gifted to a minor, on behalf of a minor, a natural guardian can accept a gift.
7. If the gift is onerous, the obligation cannot be enforced against him while he is a minor. But later, he must either accept the burden or return the gift.
8. The gift of property must be without any consideration, absolute and unconditional except when made for a specific purpose. If there is any consideration in any shape, there is no gift.
9. Any person who is competent to contract can gift his property. Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is sound mind and is not disqualified from contracting by any law to which he is subject.
10. The person offering the gift and the one receiving must both sign the gift deed.
Sample format of Gift Deed of Property without consideration is given below:
GIFT DEED
THIS DEED OF GIFT is made at ______________ on this 2nd day of ____________