In India, we have glimpsed an endless number of inheritance instances while we have also heard of voluntary transfer of property possession. But what do you legally and officially call it?
In legal terms it is known as a gift agreement in India and to understand more about the same, let’s dig a bit deeper with specified details and things that are included in a drafted gift deed.
What do you mean by a gift agreement ?
When the owner of a movable or immovable property voluntarily transfers the possession to someone else legally it is usually done with a gift deed.
Officially a gift deed is drafted when the owner of a movable or immovable property wishes to transfer the ownership to another person voluntarily. However, one must not confuse it with a will.
Unlike a will, a gift deed offers instant transfer without the requirement of visiting the court of law. Hence, it is considered as a more productive and time saving procedure. It prevents or avoids, the probable disputes that might arise in the future relating to the queries of succession or inheritance.
What all must be included in a gift agreement in India?
A drafted gift deed consists of a few important details. A few of them are also listed below.
After the successful drafting of the gift deed, it must be printed on stamp paper and registered at the registrar or sub-registrar office of the area.
How to draft a gift agreement easily?
The paperwork and execution of such legal matters seems to be a task which is complicated but important. However, to deal with such matters, it is crucial to take even the minute details into consideration which can be best executed and performed with online advocate consultation.
The free lawyer consultation online service not only saves your time and energy, but offers professional advice with experience and knowledge. It prevents any chances of possible frauds and mistakes in the official paperwork.
Important clauses in a gift deed
A gift deed must include some important clauses that ensure the authenticity and validation of the voluntary transfer. A few of them are also explained below.
How to register a gift deed?
The registration of gift deeds is also an important step and you require the following documents to officially do so.
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