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, 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?
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?
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.