Quick Answer: Which Is Better Sale Deed Or Gift Deed?

A Deed of Gift is a formal legal document used to give a gift of property or money to another person.

It transfers the money or ownership of property (or share in a property) to another person without payment is demanded in return..

Can I gift my house to my son?

For starters, the transfer of immovable property such as a house or flat from a parent to his or her child is considered a gift. … The best part, however, is that neither you nor your child will have to pay any taxes for this transfer of property. Just make sure that you get the gift deed registered without fail.

Is NOC required for gift deed?

There is no requirement under the Act and the Rules mentioned above for a donor (the person gifting the property) to obtain a no-objection certificate (NOC) or a confirmation letter of any kind from the society to gift her flat to any person.

What are the pros and cons of gift deed over will?

ProsIt is executed during the life time of donor and transfer happens immediately whereas “Will” is applicable after death.Gift deed needs to be registered; only then it is effective. Registration renders it less liable to litigation. … Transfer using gift deeds are tax free in the hands of donor and donee.

Is a gift deed a real deed?

A gift deed, or deed of gift, is a legal document voluntarily transferring title to real property from one party (the grantor or donor) to another (the grantee or donee), typically between family members or close friends. Gift deeds are also used to donate to a non-profit organization or charity.

Can gift deed property be sold?

Yes you can sell it, it is your property now and you can do anything you deem fit. A gift deed cannot be conditional. … Basically a gift deed with conditions is not valid in law. Donor cannot cancel the registered gift deed unilaterally .

Can gifted property taken back?

The Court made it very clear that once the property is gifted, it can’t be taken back in any condition. … Therefore, technically, if the property has been gifted under the Maintenance and Welfare of Parents and Senior Citizens Act, 2007, can be taken back.

What if gift deed is not registered?

A gift of immovable property, which is not registered, is bad in law and cannot pass any title to the Donee. A valid gift of property can be made only by a registered instrument. According to Section 123 of The Transfer of Property Act, it is invalid if a gift of a property is not registered.

Who can execute a gift deed?

Any valid owner of an existing property can gift property. A minor is incompetent to gift a property though a guardian can accept such a gift on his behalf. WHAT is the law that governs gifts by one person to another? Transfer of Property Act, 1882.

Can gift deed be challenged in court?

The gift deed can certainly be questioned in the court of law by filling a suit for such declaration. However, it will be challenged only if you are able to establish that the execution of the deed was not as per the wish of the donor or was executed under misrepresentation, fraud etc.

What is the difference between gift deed and settlement deed?

Dear, there is no much difference between gift deed and Gift settlement Deed. Gift deed can be given to any person and stamp duty is paid accordingly. whereas Gift Settlement Deed is made in favour of family members /blood relations only and the stamp duty is lesser compare to Gift deed.

Can gift deed can be Cancelled?

When a gift is incomplete and title remains with the donor the deed of gift might be cancelled. That there is no provision in law that ownership in property cannot be gifted without transfer of possession of such property.