Gift Deed Individual To Individual: Fill & Download for Free

Hi!A gift to a relative is not taxable. As per the Income Tax Act, a gift means money or property (movable and immovable).There is no limit on the amount of gift that can be sent to a relative.As per the income tax act, a relative is defined as:Spouse of an IndividualBrother or Sister (including their spouse) of individual and spouseBrother or Sister (including their spouse) of an individual’s parentsany Lenial ascendant or descendant of the individual or their spouseHowever, if you are sending a larger sum of money you can draft a gift deed. This gift can contain your and your relative’s details, amount/value of the gift and the purpose of the gift (if any). [1]Hope this helps!Footnotes[1] Tax on Gift: Rules and Exemptions As per Income Tax Act in India | Quicko

The donor certainly has to be present at the time of the registration of the gift deed. The sub registrar issues and endorsed the said deed as to the identity of the donor ie. as to whether he knows the donor personally or the donor has been identified by some respectable person and that the said identifying person is personally known by the sub registrar.Thus it is the duty of the sub registrar or the identifying respectable to ensure that the donor is the person who has been mentioned in the gift deed.Collusion cannot be ruled out as sometimes persons with fake identity in collusion with the identifying individual falsely get deeds registered. But in such a case the person who has certified the identity of the executor can be brought to book. Incase the identifying person is also fake then the onus of identity is cast on the sub registrar as he has certified the identity of the donor as that he knows him personally or he knows the identifying individual personally.As such the above rules out fake presentation and incase the fake registration is got made the identifying individual and the sub registrar can be prosecuted as per the laws of the land.

No. Once a gift deed to a self acquired property is executed in the name of the father's son, a girl can not claim right on her father's property as per what I have read.1. There are 2 types of properties:1.1 Self acquired (SA)- Acquired by purchasing with own resources or received as a gift from blood relative without consideration.1.2 Inherited (IH)- Property acquired by inheritance by way of mutual division among successors or by way of will.2. A person is totally free to deal with SA property as per his free will but inheritance law applies on IH property whereby many members automatically get share in that property (e.g. sons and daughters of the person who acquired it by inheritance).3. Once a property is gifted to a blood relative without considerations by way of a gift deed, its a solid way of giving all the ownership right to that property to the gift acceptor to treat and use the property as per his/her own liking. Not even the person giving the gift can have any say in that once gift transaction is completed. Such gift are irrevocable.Summary: If father gives his self acquired property to his son as a gift and documents it witj a gift deed, then his son will have that property and that property will be counted as a self acquired property of the son for future matters. No one else can lay claim on the property of the son now.P.S.- I am not a lawyer. Consulting a property expert law person is recommended to save your/your parents' hard earned property from relatives with unlawful and unethical intentions (Not talking about your query here but simply generalizing on today's degrading family values for some individuals).