Response

You will have to pay stamp duty and registration charges on the transaction to provide it legal validity.

According to Article 34 of the Maharashtra Stamp Act, which was amended in 2017, stamp duty on gift deeds is 3% of the property’s value.

But, if the property is residential or agricultural, and is gifted without any payment to a blood relative, then the stamp duty is Rs 200.

If you are planning to give your personal property to your family members or friends out of love and affection, without expecting money then executing a gift deed and registering it would serve the purpose.

Notarized gift deed does not hold any value in the eyes of law and cannot be enforced.

Registration of gift deed after payment of requisite stamp duty is mandatory as per law.

Until and unless the transfer of immovable property is executed by a registered document, it is invalid in the eyes of law.

Gift deed must be registered.Gift through notary is fully illegal .when somebody gifted any person it must be register in Register office. “Gift” is the transfer of certain existing moveable or.immovable property which is made voluntarily and without consideration, by one person, an that particular person is called the donor, to another, called the donee, and accepted by or on behalf of the donee, this is a gift.

For the purpose of making a gift of immovable property, the transfer must be effected by a registered instrument signed by or on behalf of the donor, and attested by at least two witnesses, so this shows that the gift is registered. Notary is not registered., which makes gift the better option.

Reference: Section 122. “Gift” defined – “Gift” is the transfer of certain existing moveable or…immovable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. Section 123 of Transfer of Property Act 1882 : “Transfer how effected” 123. For the purpose of making a gift of immovable property, the transfer must be effected by a registered instrument signed by or on behalf of the donor, and attested by at least two witnesses.

The Bombay Stamp Act, 1958 came into force on 16th Feb, 1959 and is applicable in the State of Maharashtra. … The Bombay Stamp Act levies stamp duty on documents or instruments by which any right or liability is, or purports to be created, transferred, limited, extended, extinguished or recorded.

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