Transfer deed vs gift deed
Harish
(Querist) 09 March 2022
This query is : Resolved
By academic definition I understood a transfer deed can include any deed which include exchange of hands , including sale deed and gift deed. By what if any state , Haryana in particular have 3 different types of deeds for Property - Sale Deed, Transfer Deed, Gift Deed.
https://jamabandi.nic.in/DefaultPages/DeedTemplatesNew
As I checked with local dealer he said both can work in case of transfer of property in blood relationship .
But I need to know the difference between implications ( monetary and legal ) of a transfer deed in blood relation Vs. a gift deed in blood relation for an immovable property.
Please answer.
kavksatyanarayana
(Expert) 09 March 2022
It is not a legal query and it is only an academic. A property immovable can be transferred by way of lease, sale, exchange, Gift, Mortgage with possession, etc. For Gift deeds in favour of family members (father, mother, brother, sister, son, daughter, and other legal heirs of Class-I) the stamp duty is reduced in most States. so check in your state as the stamp duties vary from one state to another state.
SHIRISH PAWAR, 7738990900
(Expert) 10 March 2022
Hello,
Yes, it is not a legal query but it is only an academic query.
In both cases, the property is transferred to a third party. The only difference is the stamp duty. The stamp duty on the gift deed is lesser than other transfer deeds. In blood relation it is nominal.
Dr J C Vashista
(Expert) 11 March 2022
Very well analysed, opined and advised by senior experts, I endorse and appreciate.
P. Venu
(Expert) 11 March 2022
What is the context for this query?
Harish
(Querist) 11 March 2022
The context is to transfer the property between blood relationship - we have been provided 2 options - Transfer Deed and Gift deed ( 2 different types of deed officially ) and we want to make sure which is best in terms of monetary and legal aspect .
Dr J C Vashista
(Expert) 12 March 2022
@ Harish,
Gift deed is one of the modes of Transfer of Property from one titleholder to another.
Be clear qua your query which is vague.
