Guide to gift deed registration in Asansol. Learn about the types of gifts, registration procedure, stamp duty, tax implications under Income Tax Act, and how a property lawyer can help.
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Yes, under Section 122 of the Transfer of Property Act, a gift of immovable property must be made by a registered instrument signed by the donor and attested by at least two witnesses.
Stamp duty for gift deeds to family members (spouse, children, parents, siblings) is typically lower — around 2-3% of the property value. For non-relatives, it is higher.
Yes, a gift deed can be challenged on grounds of fraud, coercion, undue influence, lack of mental capacity, or if the gift was obtained through misrepresentation.
Gifts from specified relatives are tax-free. Gifts from non-relatives exceeding Rs. 50,000 in a financial year are taxable as income of the recipient under Section 56(2)(x).
A gift once made and accepted cannot be revoked. However, the gift deed may contain a revocation clause for specific conditions. The court can also revoke a gift in certain circumstances.
A gift deed involves transfer without consideration (monetary payment). A sale deed involves transfer for a price. Gift deeds attract lower stamp duty but have different tax implications.
Yes, a gift can be made to a minor. The minor's natural guardian or a court-appointed guardian must accept the gift on behalf of the minor.
Documents include original title deed, tax receipts, encumbrance certificate, identity proof of donor and donee, passport-size photographs, and two witnesses with ID proof.
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Asansol Court, Asansol, West Bengal - 713301