Flat agreement
Querist :
Anonymous
(Querist) 07 November 2009
This query is : Resolved
dear sir, i had taken a property in 1995 in cash for 95,000 from My Unlce, but failed to get transfered.Now i am ready to do the agreement,1. can a gift deed help me to get registered in my name and by paying the SD n Regstn fees, if so what is the format for the same as per gift deed.. any act.
the property is in Mumbai.
kindly help
thanks n regds
mahesh
A V Vishal
(Expert) 07 November 2009
Yes, a gift deed is valid and works out cheaper than a sale deed due to a large variation in the stamp duty. The format for a gift of immovable property is reproduced hereunder, but take caution to approach a good local advocate dealing in property matters and get the document vetted before proceeding any further.
GIFT OF IMMOVABLE PROPERTY
THIS GIFT DEED made on .. day of month..year 200., between Mr.......s/o.........r/o...........(hereinafter called the Donor ) and Mr..........s/o.....r/o........(hereinafter called the Donee )
WHEREAS the donor, the absolute owner in possession of the entire property mentioned in the schedule hereto annexed, valued at present, at Rs..........is desirous to dispose of his entire property by way of gift, out of natural love and affection, in favour of the donee who is donor's nephew and has lived with the donor since his childhood.
THIS DEED OF GIFT WITNESSES AS FOLLOWS :-
1. That the donor out of natural love and affection and without force or compulsion or undue and with his free will and in fill possession of his body senses, doth, hereby, give, transfer and convey his entire property, mentioned in the schedule hereto, unto the said donee will all profits, advantages, privileges and appurtenances whatsoever with the said property, to have and to hold the said property, hereby gifted, unto and to the sue of the said donee for ever and absolutely.
2. That the said property has been gifted without any let or hindrance whatsoever from or by the said donor or by any person or persons claiming from, under or in trust of him.
IN WITNESSES WHEREOF the donor doth sets and subscribes his signature and delivers in the presence of the witnesses at present on the day, month and year above noted.
Sd/- Donor..
Sd/- Donee..
Witnesses:
1...........
2...........
Scheduled referred to above.
FORMAT II:
DEED OF GIFT OF IMMOVABLE PROPERTY
THIS DEED OF GIFT is made at ........ this ........ day of.. ..... between Mr. A of ....... hereinafter referred to as 'the Donor' of the One Part and Mr. B of ....... hereinafter referred to as 'the DONEE', of the Other Part.
WHEREAS the Donor is seized and possessed of the land and premises situate at ......... and more particularly described in the Schedule hereunder written.
AND WHEREAS the DONEE is related to the Donor as ........
AND WHEREAS the Donor desires to grant the said land and premises to the DONEE as gift in consideration of natural love and affection as hereinafter mentioned '
AND WHEREAS the DONEE has agreed to accept the gift as is evidenced by his executing these presents.
AND WHEREAS the market value of the said property his estimated to be Rs .....
NOW THIS DEED WITNESSETH that the Donor without any monetary consideration and in consideration of natural love and affection, which the Donor bears to the DONEE, doth hereby grant and transfer by way of gift the said land and premises situate at ..... and more particularly described in the Schedule hereunder written together with all and singular the buildings, and structures. thereon and all the things permanently attached thereto or standing thereon and all the liberties, privileges casements and advantages appurtenant thereto And all the estate, right, title, interest use, Inheritance, possession. benefit, claims and demand whatsoever of the Donor To Have And To Hold the same unto and to the use of the DONEE absolutely but subject to the payment of all taxes, rates, assessments, dues and duties now and hereafter chargeable thereon to the Government or Municipality or other Local Authority.
AND he the Donor doth hereby covenants with the DONEE;
(a) That the Donor now has in himself, good right, full power and absolute authority to grant the said piece of land and other the premises hereby granted as gift in the manner aforesaid.
(b) The DONEE may at all times hereafter peaceably and quietly enter upon have occupy. possess and enjoy the said piece of land and premises and receive the rents, Issues, and profits and rents thereof and every part thereof to and for his own use and benefit without any suit, lawful eviction, interruption, claim or demand whatsoever from or by the Donor or his heirs, executors, administrators and assigns or any person or persons lawfully claiming or to claim by, from, under or in trust for the Donor.
(c) That the said land and premises are free and clear and freely and clearly and absolutely and forever released and discharged or otherwise by the Donor and well and sufficiently saved, kept harmless and Indemnified of and from and against all former and other estate, titles, charges and encumbrances whatsoever, had made, executed, occasioned or suffered by the Donor or by any other person or persons lawfully claiming or to claim by. from, under or in trust for the Donor.
(d) AND FURTHER that the Donor and all persons having or lawfully claiming any estate or Interest whatsoever to the said land and premises or any part thereof from under or in trust for the Donor or his heirs, executors. administrators and assigns or any of them shall and will from time to time and at all times hereafter at the request and cost of the DONEE do and execute or cause to be done and executed all such further and other acts, deeds, things, conveyances and assurances in law whatsoever for better and more perfectly assuring the said land and premises and every part thereof unto and to the use of the DONEE in the manner aforesaid as by the DONEE, his heirs, executors, administrators and assigns or counsel in law shall be reasonably required.
IN WITNESS WHEREOF the Donor as well as the DONEE (by way of acceptance of the said gift) have put their respective hands the day and year first hereinabove written.
THE SCHEDULE ABOVE REFERRED TO
Signed and Delivered by the withinnamed Donor ........ in the presence of .......
Signed by withinnamed DONEE ........ In the presence of .......
1...............
2...............
Vineet
(Expert) 07 November 2009
Dear Sir
From the facts nerrated, the relationship between you and your uncle is not clear. In any case since you are not his lineal descendant, there will be no relief in stamp duty and the same will be chargeabe as if conveyance on market value.
However, this relationship matters as far as Income Tax in concerned. If your uncle is real brother of your mother or father, then the gift of property shall be tax free in your hand. Otherwise, the difference of market value and consideration (Nil in case of gift) shall be treated as inome from other source in your hand wef 1-10-2009.
Please consider all these aspects and decide future course of action.
BHANU RASPUTRA
(Expert) 07 November 2009
Gift under transfer of property act and in maharashtra 2% stamp duty on market value on gift deed if blood relation.
1% registrastion fee to be paid.
Raj Kumar Makkad
(Expert) 07 November 2009
Dont go in detail. Contact any local deed writer or any local lawyer who shall draft the gift deed on the basis of description and term narrated by your uncle and you and then get it registered with the registrar and take the possession of the gifted property and execute the gift deed in record of municipality or all other concerned offices.
