Gift tax
This query is : Resolved
RAMESH KUMAR VERMA
(Expert)
18 December 2013
YES.
Under section 122 of the Transfer of Property Act, 1882, you can transfer immovable property through a gift deed. The deed should contain your details as well as those of the recipient. However, section 123 of the Act says gifting a property is valid only if the documents of transfer are registered with the local magistrate or the registrar. The registration is done in the presence of two witnesses.
Under section 122 of the Transfer of Property Act, 1882, you can transfer immovable property through a gift deed. The deed should contain your details as well as those of the recipient. However, section 123 of the Act says gifting a property is valid only if the documents of transfer are registered with the local magistrate or the registrar. The registration is done in the presence of two witnesses.
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