2024-04-10 10:04:52
New Delhi: There have been many examples of wealthy and famous personalities gifting their property to their children or grandchildren. Bollywood star Amitabh Bachchan recently gifted a bungalow in Juhu to his daughter Shweta. According to some media reports, Ranbir Kapoor is preparing to register his new bungalow in the name of daughter Raha. Gift deed is also a way to transfer immovable property. Gift deed is a legal document. Through this, a person transfers his real estate (such as a house, land, or building) to another person without any compensation. This document ensures that the ownership of the property is transferred from the donor to the recipient.
There are a few important things to consider when deciding whether to give a gift during your lifetime. The first step is to hand over the property to the intended beneficiary. This is a good way to avoid family disputes and litigation between legal heirs. Property transferred through a gift deed is much more difficult to challenge than property transferred through a will. In case of Will the beneficiary often has to struggle to establish the authenticity of the Will.
Discussion on implementing inheritance tax
Meanwhile, the possibility of implementing inheritance tax is also being discussed. There are reports suggesting that the government may consider imposing inheritance tax on assets inherited through intestate or intestate succession. Many states have notified special stamp exemptions or exemptions on gift instruments. This is in cases where the gift has been received from a blood relative or spouse. States like Maharashtra and Uttar Pradesh have fixed nominal stamp duty. In Haryana, transfer of property received as a gift from spouse or blood relatives is completely exempt from stamp duty. This cost savings has encouraged family members to consider gifting their flat, house, plot, commercial unit or other immovable property to their spouse or children.
What should be in the gift deed?
Gift of immovable property should be made through a gift deed. It must be signed by the donor (who transfers his property) and the donee (who accepts such gift) and two witnesses. The gift document should clearly mention the details of the subject property and the relationship between them along with personal details of both the donor and the donee.