It involves the transfer of ownership of property without any monetary exchange.Ī movable property can be gifted or transferred either by a registered instrument or by delivery of possession, but an immovable property cannot be transferred by mere delivery of possession. Gift deed specifies the details of property transferred and the details of donor and donee. A gift deed is a document which specifies the legal transfer of gift from one person (Donor) to the other person (Donee). But the ideal way of transferring the property is by executing a gift deed.Ī gift deed is a transfer of property as per the provisions of Section 122 of the Transfer of Property Act,1882. There are many ways to transfer the property such as – by sale, will or gift. Only a person who is the legal owner of a property can gift the property. A gift is a transfer of property for the token of love and affection to our loved ones. But there are some legal implications in gifting which is not known by all of us. Everyone likes to give gifts to their loved ones.
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December 2022
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