Gift Deed Registration in Mumbai, Pune, Thane, Nashik & other cities of Maharashtra
A gift deed is a legal document that transfers the ownership of movable or immovable property from one person to another without any monetary exchange. In Mumbai, Pune, Thane, Nashik & other cities of Maharashtra, gift deeds are commonly used to transfer property within the family or to make charitable donations.
What is Gift Deed?
A gift deed is a legal document that transfers ownership of a property or asset from the donor to the recipient without any consideration or payment. It is a voluntary act of the donor and can be executed during the donor's lifetime. The gift deed is a permanent and irrevocable transfer of property and requires registration as per the Registration Act, 1908.
What are the Documents Required for Gift Deed in Mumbai, Pune, Thane, Nashik & other cities of Maharashtra?
To create a Gift Deed in Mumbai, the following documents are required:
Title Deed: A title deed is a document that establishes ownership of the property. The title deed must be in the name of the donor.
Identity Proof: Both the donor and the recipient must provide their identity proof, which could be a passport, voter ID card, driving license, or PAN card.
Address Proof: Both the donor and the recipient must provide their address proof, which could be a utility bill, bank statement, or passport.
No-Objection Certificate: If the property is mortgaged, a no-objection certificate from the bank or financial institution is required.
Gift Deed Draft: A draft of the gift deed must be prepared, which should include all the necessary clauses, terms, and conditions of the transfer of property.
What are the Steps to Create a Gift Deed in Mumbai, Pune, Thane, Nashik & other cities of Maharashtra?
The following are the steps involved in creating a Gift Deed in Mumbai:
Valuation of the Property: The property that is being gifted must be valued by a registered valuer to determine the stamp duty and registration charges payable.
Preparation of Gift Deed: Once the valuation is done, a draft of the gift deed is prepared by the lawyer, which includes all the relevant clauses and terms of the transfer.
Signing of Gift Deed: Both the donor and the recipient must sign the gift deed in the presence of two witnesses.
Registration of Gift Deed The gift deed must be registered with the Sub-Registrar of Assurances within four months from the date of execution. The registration fee and stamp duty charges must be paid at the time of registration.