Home/ /Buy/Sell Legal Queries/Can a gifted property be sold?
Post Question
Interested in buying and send a home?
Thankyou For Submitting The Form
Question
Shekhar4 Answers14491 viewsBuy/Sell Legal Queries2 years2021-09-24T15:18:00+05:302021-09-24T15:18:00+05:30
solved
-
Surbhiij
5
See AlsoAll about NRI Fund TransferOCI Card Benefits and DrawbacksNRI selling property in India: all you need to knowEmbassy of India, Moscow (Russia)2021-09-27T09:55:48+05:30 September 27, 2021 at 9:55 am
Reply
There are many ways that a property can be transferred in India. One of them being by executing a gift deed. Many people ponder over the thought that gift deed property can be sold or not. I shall tell you about that and we can also know a little bit about what are gifted properties.
What is a gifted property?
When a property transfer happens by executing a gift deed, it is recognized as a transfer of ownership of a gifted property under Transfer of Property Act 1882. The one gifting the property is known as a donor, while the one on the accepting end is known as a donee.
Gifted land can be sold or not?
Yes , you can sell a gifted property if you have received the property via a registered gift deed transfer. Once the property is transferred in your name, you have the right to sell it.
In case a conflict occurs and one of the parties decides to challenge the gift deed in the court, upon cancellation of the deed the donee will not have the rights to sell the property.
You must know about what all clauses are covered in a gift deed:
- Donor and Donee details along with the relationship they share
- Declaration of voluntary transfer of property
- Clauses for ownership of property
- Each and every detail about the property
- Rights of donee on the property (which talks about selling rights of the property as well)
- Acceptance and delivery of the property
- Names and details of the witnesses
- Revocation clause of the gift property to avoid future conflict
Read more:
Can gift deed be revoked?
Can ancestral property be gifted?
Can gift deed be challenged in court?
Unbeatable Prices!5-Star Rated Partner!2200+ Shades!Top Quality PaintFree Cancellation!Best Price! 5-Star Rated Partner!Free Cancellation! Top Quality Chemicals Professional EquipmentsHousehold Damage Protection Timely Pickup & delivery Real Time Update 100% Price & Service Guarantee Free Reschedule & Cancellation10 Years Warranty Premium MaterialQuality Assurance Transparency in Price & Timeline Best Designer'; }document.getElementById('msection82561').innerHTML=var1;
'+askme_js.cancel_best_answer+'');best_answer_a.parent().find(" > .loader_3").hide();best_answer_a.remove();}});return false;});}
Apurva
4
2022-06-17T16:22:49+05:30 June 17, 2022 at 4:22 pm
Reply
Yes, a gifted property can be sold if it is a registered gift deed in the name of the receiver. It is because a gift deed is as valuable as a sale deed.
Section 122 of the Transfer of Property Act defines ‘gift’ as the transfer of certain existing moveable and immoveable property made voluntarily, without any consideration, by a donor to a donee.
Essential elements of a Gift:
There are the following five essentials of a valid gift:
- Transfer of ownership
- Existing property
- Transfer without consideration
- Voluntary transfer with free consent
- Acceptance of the gift
Since, the ownership is transferred through a gift, the receiver becomes the owner, so he can sell the property gifted to him by a gift deed.
Sample Gift Deed is attached herewith. You can download deed of gift format in pdf by clicking on the attachment.
Unbeatable Prices!5-Star Rated Partner!2200+ Shades!Top Quality PaintFree Cancellation!
Best Price! 5-Star Rated Partner!Free Cancellation! Top Quality Chemicals Professional Equipments
Household Damage Protection Timely Pickup & delivery Real Time Update 100% Price & Service Guarantee Free Reschedule & Cancellation
10 Years Warranty Premium MaterialQuality Assurance Transparency in Price & Timeline Best Designer
'; }document.getElementById('msection195821').innerHTML=var1;
Attachment
Best answer
'+askme_js.cancel_best_answer+'');best_answer_a.parent().find(" > .loader_3").hide();best_answer_a.remove();}});return false;});}
Ishi
2
2023-01-25T14:39:20+05:30 January 25, 2023 at 2:39 pm
Reply
As a law student, I can tell you that a gifted property can be sold, but it is subject to certain legal restrictions and requirements. I asked my lawyer, the gift deed property can be sold immediately or not. He told me that the sale of gifted property is different from a standard property.
Get your property documents checked and verified by legal experts from NoBrokerApply for a home loan with a minimum interest rate through NoBroker
Gift deed can be sold?
According to the Indian Transfer of Property Act, of 1882, gifted property can be sold, however, certain conditions must be met. Firstly, the gift must be made by a person who can transfer the property. Secondly, the gift must be accepted by the person to whom the property is gifted. And thirdly, the gift must be made with the intention of transferring ownership of the property.
To sell a gifted property, the person who received the gift must first obtain a gift deed, which is a legal document that serves as proof of the gift. The gift deed must be registered with the relevant authorities, and the person selling the gifted property must provide a copy of the gift deed to the buyer.
Additionally, when conducting a gift deed property sale, the seller is required to pay any taxes or charges that may be due on the sale of the property. For example, if the property was gifted within the last three years, the person selling the property may be required to pay a gift tax on the sale. The seller must also provide a No Objection Certificate (NOC) from any outstanding loans or mortgages that have been taken on the property.
If you have more doubts about gift deed property can be sold immediately, comment below.
Read more:
Can gift deed be challenged in court?
What is Gift Deed?
What is gift deed of immovable property?
Unbeatable Prices!5-Star Rated Partner!2200+ Shades!Top Quality PaintFree Cancellation!
Best Price! 5-Star Rated Partner!Free Cancellation! Top Quality Chemicals Professional Equipments
Household Damage Protection Timely Pickup & delivery Real Time Update 100% Price & Service Guarantee Free Reschedule & Cancellation
10 Years Warranty Premium MaterialQuality Assurance Transparency in Price & Timeline Best Designer
'; }document.getElementById('msection315511').innerHTML=var1;
I am an expert in real estate law with extensive knowledge and experience in property transactions, including the legal aspects of property transfer through gift deeds. My expertise is demonstrated through a comprehensive understanding of the Transfer of Property Act of 1882 and its implications on gifted properties in India.
Now, let's delve into the concepts mentioned in the article:
-
Gifted Property Overview:
- When a property is transferred through a gift deed, it is considered a transfer of ownership under the Transfer of Property Act 1882.
- The donor is the person giving the property, and the donee is the person receiving it.
-
Sale of Gifted Property:
- Yes, a gifted property can be sold if the transfer occurred through a registered gift deed. Once the property is in the donee's name, they have the right to sell it.
- However, if a conflict arises and the gift deed is challenged in court and subsequently canceled, the donee loses the right to sell the property.
-
Elements of a Gift Deed:
- Essential elements of a valid gift deed, as per Section 122 of the Transfer of Property Act:
- Transfer of ownership
- Existing property
- Transfer without consideration
- Voluntary transfer with free consent
- Acceptance of the gift
- Essential elements of a valid gift deed, as per Section 122 of the Transfer of Property Act:
-
Legal Conditions for Selling Gifted Property:
- According to the Transfer of Property Act, certain conditions must be met for selling gifted property:
- The gift must be made by a person authorized to transfer the property.
- The gift must be accepted by the donee.
- The gift must be made with the intention of transferring ownership.
- According to the Transfer of Property Act, certain conditions must be met for selling gifted property:
-
Gift Deed Sale Process:
- To sell a gifted property, the donee must obtain a gift deed, a legal document serving as proof of the gift.
- The gift deed must be registered with relevant authorities.
- The seller must provide a copy of the gift deed to the buyer during the property sale.
-
Tax and Other Obligations:
- The seller of a gifted property may be required to pay taxes or charges on the sale, especially if the gift occurred within the last three years.
- A No Objection Certificate (NOC) from any outstanding loans or mortgages on the property may be necessary.
This information provides a comprehensive understanding of the legalities surrounding the sale of gifted properties in India. If you have further questions or require clarification on any specific aspect, feel free to ask.
