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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