As per section 122 of the Transfer of Property Act 1882, one can transfer immovable property through a gift deed. A gift deed comprises all particulars of the property that is being transferred. A gift deed permits transferred to transfer ownership without any exchange of money. Registering a gift deed is compulsory as per section 17 of the Registration Act 1908, and. If transferred don’t do this, the transfer will be invalid as per section 123 of the Transfer of Property Act.
Once a gift deed is registered in the name of the receiver, then one can apply for mutation of the property which will allow utility connections. A registered gift deed also allows the receiver of the property to further transfer the same if he or she wishes to.
Both Stamp duty and the registration fee is levied and paid to register a gift deed. In some states, stamp duty rates for transfer of property by way of gift is the same as that for sale or conveyance deed.
The gift deed can be questioned certainly in the court of law by filing a suit for such. However, it will be challenged only if one is able to prove that the execution of the deed was not as per the wish of the transferor or was performed and affected by misrepresentation, fraud etc.
It just takes 2 to 3 working days to draft and deliver the gift deed. Additional days if any medication required there after.
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