A Gift Deed is a legal document that is used to transfer ownership of a property from one person to another as a gift. It’s a simple yet powerful way to show your love and appreciation for someone by giving them a gift that they can cherish for a lifetime.
Well, unlike a Sale or Purchase Agreement, a Gift Deed doesn’t involve any exchange of money. It’s a pure act of love and generosity from one person to another. It’s also different from a Will as it doesn’t come into effect after the donor’s death, it transfers the ownership of the property immediately.
Getting a Gift Deed done is a simple process, just follow these steps:
Yes, you must pay stamp duty and transfer duty on the deed of gift property. The cost of Stamp duty will vary in each state.
| State | Stamp duty for gift deed |
|---|---|
| Delhi | Women: 4% Men: 6% |
| Gujarat | 4.9% of the market value |
| Karnataka | Family members: ₹1,000- 5,000 Non-family: 5.6% of the land value |
| Maharashtra | Family members: 3% Other relatives: 5% Agricultural land/ residential property: ₹200 |
| Punjab | Family members: NILNon-family: 6% |
| Rajasthan | Women: 4% and 3% Men: 5% SC/ST or BPL: 3% Widow: None to wife: 1% Immediate family |
| Tamil Nadu | Family members: 1% Non-family: 7% |
| Uttar Pradesh | Men: 7% Women: 6% |
| West Bengal | Family members: 0.5% Non-family: 6% Above ₹40 lakh: Surcharge of 1% |
Gift deed rules in India state that particular types of property can be gifted. They are listed below –
B31/82 L, Rashmi nagar colony, Lanka, Varanasi- 221005