“A gift, according to Section 122 of the Transfer of Property Act of 1882, is the voluntary and without consideration transfer of some existing moveable or immovable property from one person, the donor, to another, the donee, and acknowledged by or on behalf of the donee.”
In Uttar Pradesh, the fee for registering a Gift Deed is 2% of the consideration or value, whichever is greater, determined for the purpose of stamp duty payable on the instrument. However, the registration price on a gift might be as little as Rs. 100 and as much as Rs. 20,000/-. If the donee is a woman, stamp duty and transfer duty will be 6% of the property’s value, and 7% if the donee is a man.
A gift deed can be used to transfer immovable property under section 122 of the Transfer of Property Act, 1882. A gift deed, like a sale deed, includes information on the property, the transferrer, and the beneficiary. A gift deed, on the other hand, instead of a selling consideration, permits you to transfer ownership without exchanging money. Section 17 of the Registration Act, 1908, and section 123 of the Transfer of Property Act make it essential to register a gift deed with the sub-registrar. The transfer will be void if you do not do so.
The same amount applies to the transfer of property by gift deed as it does to the transfer of property by sale deed.
Reference: section 122 of the Transfer of Property Act, 1882; section 17 of the Registration Act, 1908 – – AHG69 – 202100581 – 34 – 23 – 202100123-20210024-6940