What is a gift deed?
Question asked by Mr Gopikrishna :
Hi,
I would like to know the details of Gift Deed.
1) What is a gift deed?
2) What is the procedure to make a gift deed?
3) Do we have to pay any amount as registration feed during this process? if so how much it is to be?
I’ll be looking for your response.
Thanks,
Gopikrishna
Vatsala Answers:
1. A gift deed is when one voluntarily transfers one’s property to one’s close relatives out of natural love and affection. No consideration changes hands. It can be done for a portion of the property or the entire property.
2. The procedure is to execute and register the deed involves payment of minimum stamp duty and requires a lawyer.
3. The stamp duty varies from state to state.
Vatsala
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