The stages of the donation process can be divided into three parts, as described below: 1. Gift design – A gift is written with the help of a lawyer and describes what is transmitted and to whom. Gift Deed is a contract between the donor and the deceased that defines the simultaneous and reciprocal act of giving and receiving. A gift to be calculated must be made voluntarily by a person, not under duress, without changing currency. The donor and Donee can both defy the gift. In the event of a fall of one of the parties, their legal heirs can take legal action. A minor may be made provided that the donation to a minor is accepted on his behalf by his legal guardian. It must be accepted during the life of the donor, otherwise it would be invalidated according to property laws in India. If the gift comes with certain conditions, then the minor can accept or return the gift after reaching the age of majority.
Gifts must be reported on the Income Tax Return (TTI). In 1998, the Gift Tax Act of 1958 was abolished and was not to be reintroduced until 2004. Therefore, if you have received a property, you will have to pay taxes if your excise rate exceeds Rs 50,000 and if the property is obtained without the necessary consideration. If the consideration is z.B 1.5 Lakhs Rs. while the stamp duty was 4 lakhs, the difference between the two Rs 50,000 is greater. If an act of donation becomes invalid, if a particular condition that was to be met has not been met, it is known to be a conditional gift. Therefore, if the gift was made by approving for the reasons mentioned above, it may be revoked. And if the donor dies, his heirs have the right to file the annulment of the facts. Case”Dinabandhu Mondal v. Laxmi Rani Mondal” (decided on 17.06.2019) stated that it was not essential for the “validity of an act of donation” that it be registered by the donor himself. After the donor`s death, any subsequent registration of a deed of donation does not offend U/s 123 of the Property Transfer Act of 1882. Yes, registration in the sub-register is mandatory for the donation of real estate under Section 123 of the Transfer of Property Act, 1882 and Section 17 of the Registration Act, 1908 in a revocable version, the donor retains the legal document until he decides to hand over the document to the recipient.
The donor may revoke the gift certificate at any time and is not legally required to give the gift. With an irrevocable gift, the person who received the gift becomes its rightful owner as soon as the donor physically delivers the gift certificate to the recipient. The gift can never be revoked and you will not be able to claim financial compensation afterwards. 2. Accept – acceptance of the gift after its execution is prescribed by law and Donee must accept the gift during the life of the donor. If Donee does not accept the gift, it will be cancelled. Acceptance can be confirmed by actions such as taking ownership. I, ________o______________________ Rs.
— (Reds in the Word) out of love and love for my – (Mention of the relationship and the name of the recipient), S/o orW/o _____o__________________________ I confirm that I am an Indian residing in India. I also confirm that this gift is made from my equity that is on the credit of my A/c- in____________ (indicate the name of the bank and the address). I also confirm that the consideration of this gift is love and affection for my – and no other consideration.