Gift is an act of transferring or conveying of title, ownership and interest in the immovable property unlike in case of Sale/ Purchase Deed, Lease Deed, Mortgage Deed, Development Agreement & Development Power Of Attorney or Transfer of Development Rights or Agreement for Sale, without any pecuniary or monetary consideration or price and may be either in writing or oral under the Islamic law of transfer. A gift is defined in the Transfer of Property enactment as a transfer of certain existing moveable or immoveable property made voluntarily and without consideration by one person called the donor to another called the donee and accepted by and on behalf of the donee during the life of the donor and while he is still capable of giving and before the death of the donee. This kind of transfer of property is made without money or money’s worth as a value equivalent to the property’s worth but out of natural love and affection or for some moral or spiritual benefit.
The Deed of Gift is mostly governed by the personal laws together with the various Union and State statutes and legislations as applicable to and affecting the nature of the property gifted as for e.g. the Indian Registration Act 1909; Cantonment Act 1924 Maharashtra Land Revenue Code 1966; the Maharashtra Rent Control Act, 1999; the Maharashtra Rent Control Act, 1999; the Indian Easements Act, 1882; Land Acquisition Act, 1894; Laws relating to Freehold & Restricted Properties; Laws relating to Flats & Apartment Ownership; Laws relating to Agricultural & Non-Agricultural lands, taxation to name the few.
However, the central enactment of Transfer of Property exempts the gift under Islamic law from its applicability by reason whereof a Muslim can donate or gift his property to the donee by an oral declaration in response whereto the donee should accept such gift and the delivery of possession of such property should be effected Thus such exemption obliterates the statutory requirement of registration of deed for valid transfer of property as envisaged by the Registration enactment.
Forms of Gift Deed:
- Deed of gift of moveable property
- Record of a gift of moveable
- Deed of gift of immoveable property
- Deed of Conditional Gift
- Revocable deed of gift
- Memorandum of Oral Gift