{"id":16733,"date":"2020-09-22T17:02:00","date_gmt":"2020-09-22T11:32:00","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=16733"},"modified":"2021-01-06T17:36:27","modified_gmt":"2021-01-06T12:06:27","slug":"list-of-advantages-of-gift-deed-registration-that-you-must-know","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/list-of-advantages-of-gift-deed-registration-that-you-must-know\/","title":{"rendered":"List of Advantages of Gift Deed Registration That You Must Know"},"content":{"rendered":"\n<p class=\"has-drop-cap\">A gift deed is a statutory document that encloses the details about the asset being transferred to the beneficiary from the donor in the form of a gift. A gift deed is executed between the donor and the donee. Though it is not mandatory to implement a gift deed while transferring the property, it does act as a valid documentary record. The gift deed can be used to transfer both movable and immovable property. A gift deed acts as a legal declaration stating the donee as an absolute owner. Let\u2019s move ahead and see what the Advantages of <a href=\"https:\/\/corpbiz.io\/gift-deed-registration\"><strong>Gift Deed registration<\/strong><\/a> are.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"676\" height=\"496\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/09\/image-87.png\" alt=\"Gift Deed Registration\" class=\"wp-image-16734\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/09\/image-87.png 676w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/09\/image-87-300x220.png 300w\" sizes=\"(max-width: 676px) 100vw, 676px\" \/><\/figure><\/div>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/india-relinquishment-deed-key-elements-and-registration-process\/\">Relinquishment Deed: Key Elements and Registration Process<\/a><\/mark><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/list-of-advantages-of-gift-deed-registration-that-you-must-know\/#Advantages_of_Gift_Deed_Registration\" >Advantages of Gift Deed Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/list-of-advantages-of-gift-deed-registration-that-you-must-know\/#Advantages_of_Gift_Deed_registration\" >Advantages of Gift Deed registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/list-of-advantages-of-gift-deed-registration-that-you-must-know\/#List_of_Gift_Deed_Essentials\" >List of Gift Deed Essentials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/list-of-advantages-of-gift-deed-registration-that-you-must-know\/#Points_worth_Your_Attention_Regarding_Gift_Registration\" >Points worth Your Attention Regarding Gift Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/list-of-advantages-of-gift-deed-registration-that-you-must-know\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_Gift_Deed_Registration\"><\/span>Advantages of Gift Deed Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Here are the six most important advantages of executing a gift deed:-<\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Legalize the Gifting Process<\/h3>\n\n\n\n<p>Executing a gift deed will legalize the\nprocess of gifting. Typically a gift deed encloses complete details regarding\nproperty and the candidates involved in the agreement thus; leaving no scope of\ndispute that may arise in the future. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Act as a Legal Proof<\/h3>\n\n\n\n<p>The parties involved in the enactment of a gift deed is less likely to confront legal dispute as it acts as sole proof of the transfer of the asset. It generally empowers the parties to use the legal right to opt for the court proceeding in case of legal dispute.&nbsp; <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tax Exemption <\/h3>\n\n\n\n<p>Another biggest advantage of Gift deed is\nthat it won\u2019t attract taxes to a certain limit. The tax authority shall not\nimpose any taxes on the gift recovered by the donee during a year if the total\nworth of the gift lies under the threshold limits i.e. Rs 50,000. Also, the\ngift of any property (movable or immovable) made to relatives is exempted from\nincome tax, without any upper limit.<\/p>\n\n\n\n<p><strong><em>The following list encloses the list of family members eligible for tax exemption for a gift deed:-<\/em><\/strong><\/p>\n\n\n\n<ul><li>Parents<\/li><li>Siblings<\/li><li>Spouse<\/li><li>Lineal ascendants <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Freedom of Revocation <\/h3>\n\n\n\n<p>The gift deed can be canceled by its owner with an immediate effect. <strong><em>Transfer of Property Act, 1982<\/em><\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Transfer_of_Property_Act_1882\"><strong><em>[1]<\/em><\/strong><\/a><\/sup>, under Section 126 allow the involved parties to revoke the deed whenever they want, provided the clause for the same mentioned in the deed. Similarly, the gift deed can be irrevocable in nature, which is probably the most enticing. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_Gift_Deed_registration\"><\/span>Advantages of Gift Deed registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Ensure Absolute Ownership <\/h3>\n\n\n\n<p>As soon as the owner transfers the property\nto the concerned relatives through a gift deed, it ensures the absolute\nownership to the donee. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Quick Transfer of the Property<\/h3>\n\n\n\n<p>Transfer via gift deed is the viable option\nin case if you wish to transfer the property on an immediate basis. Unlike\nWill, where the property transfer takes place after the death of the owner, the\ngift deed cannot be executed in the absence of the donor and donee. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"List_of_Gift_Deed_Essentials\"><\/span>List of Gift Deed Essentials <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>A gift deed is a legal\ndeclaration; thus, it must consolidate the details in clear and unambiguous\nlegal language.<\/li><li>Clearly indicates the relation\nbetween the parties in case of inter-family transactions. <\/li><li>Date and place for gift deed\nexecution. <\/li><li>A Gift Deed must contain the\nsignature of the involved parties and two witnesses. <\/li><li>A gift deed is typically\nexecuted on a voluntary basis, and it doesn&#8217;t include any monetary\ntransaction.&nbsp; <\/li><li>A gift deed is applicable to\nthe existing movable or immovable property only.<\/li><li>The acceptance of the donee is\nvital to legally validate the gift deed. <\/li><li>Transfer of property shall not\nbe deemed fit from the law\u2019s perspective until it gets legally registered. <\/li><li>The registration lures fees in\nterms of a stamp duty that is paid through the non-judicial stamp paper.<\/li><li>The stamp duty fluctuates\naccording to the market value of the property. <\/li><li>A gift deed can be challenged\nin court on the ground of legality related to the law of limitation.<\/li><li>The owner of immovable property\ncan gift it to a relative or a third person. A gift is considered valid only if\nit is made voluntarily and without consideration.<\/li><li>Just like sale deeds, the gift\ndeed comes into effect immediately.&nbsp; <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Points_worth_Your_Attention_Regarding_Gift_Registration\"><\/span>Points worth Your Attention Regarding Gift Registration <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Gifting can be utilized to transfer property, be it movable or immovable, during the lifetime of a person.<\/li><li>Unregistered gift deeds are not irrevocable in nature. <\/li><li>It\u2019s a good idea to check the state-wise tax liabilities before executing any gift deed.<\/li><li>The gift deed lures no taxes in case if the donee is the relative. However, the applicant still has to pay stamp duty and registration charges to make the transfer legal. <\/li><li>A Gift Deed is merely a legal instrument that records the transfer of property to the donee. The complete details of the property and the details of the parties to the transaction make this document a legal proof to the title of the property.&nbsp;&nbsp; <\/li><li>A Gift Deed is of evidentiary value before the Courts in the event of any future disputes that may arise.<\/li><li>A Gift Deed serves as statutory protection to the concerned parties in the event of any contradictions that may prompt up in the future. <\/li><li>The agreement legalizes the entire transaction. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We have put our effort into breaking down the concept of gift deed to make it as simple as possible. Hopefully, you will appreciate as we believed that this blog has strengthened your understanding regarding this topic. In case if you have second thought regarding this topic, let our professional clear your doubt. <a href=\"https:\/\/corpbiz.io\/\"><strong>CorpBiz<\/strong><\/a> shall be happy to serve you in any way it is possible for Gift Registration.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/procedure-for-gift-deed-registration-a-step-by-step-guide\/\">Procedure for Gift deed registration: A Step By Step Guide<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A gift deed is a statutory document that encloses the details about the asset being transferred to the beneficiary from the donor in the form of a gift. A gift deed is executed between the donor and the donee. Though it is not mandatory to implement a gift deed while transferring the property, it does [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":16771,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1011],"tags":[1022],"acf":{"service_id":"284"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":17849,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/16733"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=16733"}],"version-history":[{"count":12,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/16733\/revisions"}],"predecessor-version":[{"id":23579,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/16733\/revisions\/23579"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/16771"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=16733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=16733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=16733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}