Gift Deed For A Trust

This deed is entered between a donor(property owner) & a donee(managing director of a trust) wherein some kind of property(movable or immovable) is gifted to the trust. It is a requisite document for gifting any property to any kind of trust. As per law, the title in a property cannot be delivered without a written instrument, if it relates to immovable even when its value is small. Therefore, such a deed is important to obtain and execute. In a gift deed, complete ownership of property is transferred,so it gives donee right to enjoy the property in any manner he wishes to. This deed specifies the value of gift and conditions if any applicable on gift. So, it helps in determining whether the gift will be taxed or not. Also, if the condition is not fulfilled, your gift can be revoked.

A gift deed including immovable property should be printed on a non-judicial stamp paper, sealed and signed by both the donor and donee. It has to be registered at the sub-registrar office and attested by at least two witnesses within 4 months from the date of its execution.The stamp duty applicable will be as prescribed by the different state. Additionally, it has to be accepted by or on behalf of the donee to make it complete, failing which the gift will be void. A gift of movable property may or may not be registered. But delivery of the property and acceptance of it are essential to consider it legally valid deed. Use this agreement if You are Managing Director of charitable trust and someone is advancing a gift to you. You own a private property that you are willing to gift to a trust.

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Frequently Asked Questions

This deed is entered between a donor(property owner) & a donee(managing director of a trust) wherein some kind of property(movable or immovable) is gifted to the trust. It is a requisite document for gifting any property to any kind of trust. As per law, the title in a property cannot be delivered without a written instrument, if it relates to immovable even when its value is small. Therefore, such a deed is important to obtain and execute. In a gift deed, complete ownership of property is transferred,so it gives donee right to enjoy the property in any manner he wishes to. This deed specifies the value of gift and conditions if any applicable on gift. So, it helps in determining whether the gift will be taxed or not. Also, if the condition is not fulfilled, your gift can be revoked.
Who needs this agreement and why?
A gift deed including immovable property should be printed on a non-judicial stamp paper, sealed and signed by both the donor and donee. It has to be registered at the sub-registrar office and attested by at least two witnesses within 4 months from the date of its execution.The stamp duty applicable will be as prescribed by the different state. Additionally, it has to be accepted by or on behalf of the donee to make it complete, failing which the gift will be void. A gift of movable property may or may not be registered. But delivery of the property and acceptance of it are essential to consider it legally valid deed. Use this agreement if You are Managing Director of charitable trust and someone is advancing a gift to you. You own a private property that you are willing to gift to a trust.
What is the use of Annexure?
The following are all the major clauses included in this agreement:
  1. Declaration- states that the donor is transferring the ownership of the gift without any consideration, and out of natural love and affection.
  2. Premises- describes the location of the property and states that the donor is the absolute owner.
  3. Purpose- expresses the purpose of the gift and that it should be utilised for the same only.
  4. Expenses- mentions who would bear the cost of all the expenses, including the stamp duty.
  5. Warranty- clause specifying that both the parties are eligible to enter into this agreement.
  6. Acceptance- ensures that the donee has accepted the gifted property.
  7. Indemnification- clause stating that the donee is indemnified by the donor against any loss, harm or damage whatsoever.
These are a few terms which might be useful to read about for a better understanding of this agreement:
  1. Donor- the person or institution giving a gift is called the donor.
  2. Donee- the person or institution getting the gift is called the donee.
  3. Indemnification- indemnification is the part of an agreement that provides for one party to bear the monetary costs, either directly or by reimbursement, for losses incurred by a second party.
  4. Covenant- it is also known as an agreement or a contract.
What are the legal jargons used in this agreement?
There is no Annexure section in this agreement.
How to use this agreement?
The following are all the major clauses included in this agreement:
  1. Declaration- states that the donor is transferring the ownership of the gift without any consideration, and out of natural love and affection.
  2. Premises- describes the location of the property and states that the donor is the absolute owner.
  3. Purpose- expresses the purpose of the gift and that it should be utilised for the same only.
  4. Expenses- mentions who would bear the cost of all the expenses, including the stamp duty.
  5. Warranty- clause specifying that both the parties are eligible to enter into this agreement.
  6. Acceptance- ensures that the donee has accepted the gifted property.
  7. Indemnification- clause stating that the donee is indemnified by the donor against any loss, harm or damage whatsoever.

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