Zippserv Launches Gift Deed Services
Zippserv launches drafting and registration services for Gift and Release Deeds in Bangalore, Karnataka. Although all of us would have given or received gifts at some point in time in our lives. Legal implications and process needs to be understood for gifts with bigger monetary value like immovable property in form of land or house.
Bangalore, India, February 22, 2016 (Newswire.com) - Zippserv launches drafting and registration services for Gift and Release Deeds in Bangalore, Karnataka. Although all of us would have given or received gifts at some point in time in our lives. Legal implications and process needs to be understood for gifts with bigger monetary value like immovable property in form of land or house.
The Gift Deed:
How Zippserv helps you with Gift Deed? ZippServ offers a Gift/Release Deed service as part of which the lawyer shall draft Gift deed. Additionally the lawyer can help in registering the drafted deed, getting the deed notarized and a certified copy of the same. ZippServ also offers other services related to real estate transactions that may be needed by some of you depending on individual cases like executing a Power of Attorney (POA),Wills & Registrations, Property Verification, Title search, Encumbrance Certificate.
Abhay, V.P. - BD & Ops
A Gift deed is a legal document used to transfer a gift voluntarily from donor (owner of gift) to donee (receiver of the gift), without any considerations in return. The key difference between Gift Deed & a Will is that Gift deed is executed during donor’s lifetime and Will is executed only after donor’s death. Moreover, once a Gift deed is registered and accepted by the donee, it can’t be changed; whereas a Will can be updated as many times as donor wishes to during his lifetime. Gift deed needs to be registered to be effective and is less prone to litigation as compared to Will. Transfer using gift deed is tax free in the hands of donor and donee both.
The Gift:
A common question a lot of us have is – what should possibly a Gift be? Well, technically or legally speaking, the Gift should be:
- Well defined and existing entity (Property – movable / immovable).
- It must be transferable in nature.
- It should not be realization of future but must exist or be present at the time of gifting.
- It should be tangible.
The Onerous Gift:
The “Onerous Gift” is a gift made subject to certain charges imposed by the donor on the donee. The rule is based on equity, according to which, the person who accepts the benefit of a transaction must also accept the burden of the same. It applies equally to Hindus and Mahomedans.
The Gifting Process:
To put simply there are three phases or stages for executing a Gift deed.
- Drafting Gift Deed: The Gift deed is carefully drafted legal document describing the properties of what is being gifted and to whom. It is this document which defines the transfer of the Gift from the donor to the donee. It has to be a voluntary transfer without any influence or considerations in return. Also, gift of an unregistered immovable property is bad in law and cannot pass any title to the donee.
- Acceptance of Gift Deed: The law requires acceptance of the gift after its execution by the donee during the lifetime of the donor without which it is not considered as valid. The acceptance may be implied by acts like taking actual possession of the property, or such acts by the donee as would in law amount to taking possession of the property where the property is not capable of physical possession. A gift of immovable property, which is not registered, is bad in law and cannot pass any title to the donee.
- Registration of Gift Deed: The Gift deed is valid only if it is registered under the Indian Registration Act and attested by two witnesses. Documents should be stamped and registered as required, and attested by two witnesses. Mere delivery of possession without a written instrument cannot confer any title. Unregistered deed cannot confer title to any Gift, howsoever small the value of the same.
The Stamp & Transfer Duty:
Registration of Gift deed is done as per provisions of Registration Act, 1908. In order to proceed for the registration of the Gift deed, stamp duty and transfer duty needs to be paid based on the valuation of the property being gifted. Stamp duty is governed by state laws and varies between states as well as is different for men and women. The registration is done at sub-registrar office in presence of two witnesses, who need to attest on the deed.
The Minors’ case:
Minors are not eligible to contract hence a minor can’t be a donor. In case of a minor being donee, a natural guardian can accept a gift on his/her behalf. Guardian will manage the gifted property till the donee becomes an adult to accept the same. In case the gift is “Onerous”, the obligations can’t be enforced on minor. At the time of attaining adulthood, the donee can choose to accept the gift along-with obligations or may reject the same.
About Zippserv
Founded in June 2015, based out of Bangalore, Zippserv was born with the aim to be India's first technology platform which offers affordable high quality professional services at your fingertips. The vision is to create a frictionless trust platform with transparent pricing which will help individuals and SMEs avail services quickly and at the same time help professionals boost their sales by breaking geographical barriers.
How Zippserv helps you with Gift Deed?
ZippServ offers a Gift/Release Deed service as part of which the lawyer shall draft Gift deed. Additionally the lawyer can help in registering the drafted deed, getting the deed notarized and a certified copy of the same.
ZippServ also offers other services related to real estate transactions that may be needed by some of you depending on individual cases like executing a Power of Attorney (POA),Wills & Registrations, Property Verification, Title search, Encumbrance Certificate.