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A gift deed allows the legal owner of a property to transfer it to another person without paying any money. It must be signed by the donor, witnessed by two others, and the gift deed is registered. Stamp duty on gift deeds must be paid on the value of the property, therefore fees will vary by state. Usually, such gifts are presented from one family member to another, but this is not the case. Gift deeds in blood relation (as well as wedding gifts) are exempted from taxation. What can be given as a gift? To be considered a gift in Indian law, a property must satisfy the following criteria: • It doesn't matter if it is moveable or immovable property. • It must be possible to transfer ownership of the property. • The house should not be used as a rental in the future. • A tangible asset is required.
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