How do you write a gift deed agreement?

Draft of a gift deed must include the following details:

1. Place and date on which the gift deed is to be executed.
2. Relevant information on gift deed regarding the donor and the donee, such as their names, address, relationship, date of birth and signatures.

How do I give a property a gift deed?

Steps involved in the drafting of Gift Deed

1. Date and Place where the deed is to be executed.
2. Information about Donor and Donee like Name, Residential Address, Relationship among them, Date of Birth, etc.
3. Details about the property.
4. Two Witnesses.
5. Signatures of Donor and Donee along with the witnesses.

How can I get gift deed in Pakistan?

Drafting a Gift Deed

1. Attested copies of donor’s CNIC.
2. Attested copies of donee’s CNIC.
3. Original allotment letter.
4. Property tax clearance certificate.
5. No-objection certificate from the local building control authority.
6. Bank draft of PKR 3,000 or 5,000 (the amount varies with each case)

How is a gift deed made?

There are two parties in a gift deed, i.e. donor and donee. The donor is the person who gifts his property, and the donee is the person to whom the property is gifted. The donor should have a sound mind and must be competent to enter into agreements at the time of making the gift.

Who can give gift deed to whom?

Any valid owner of an existing property can gift property. A minor is incompetent to gift a property though a guardian can accept such a gift on his behalf. WHAT is the law that governs gifts by one person to another? Transfer of Property Act, 1882.

Can gift deed be made on plain paper?

No stamp duty is payable on a gift of money. A Gift Deed of Money is not required to be registered. If the parties wish to, then they can register it, but this is not mandatory. Hence, a Gift Deed of Money can very well be executed on plain paper and signed by the parties.

How does gift deed work?

A gift deed is a document that records the act of giving a gift and is executed between the donor (the person giving the gift) and the donee (person receiving the gift). Though it is not compulsory to execute a gift deed while gifting any asset, it does create a valid documentary record.

How much is Stamp Duty on gift deed in Pakistan?

Five percent of the value of the property: provided that if the gift deed is executed between spouses, father, mother, son, daughter, grandparent, sibling or from one wife or widow to another wife or widow of the same husband, the rate of stamp duty shall be three percent of the value of the property.

Is there any tax on gifted property?

Gift (i.e. immovable property received without consideration) received only on the occasion of marriage of the individual is not charged to tax. Apart from marriage there is no other occasion when gift received by an individual is not chargeable to tax.

Which is better a will or a gift deed?

A gift deed is an ideal option if you want the recipient/s to immediately benefit from the transfer of the property. However, for people who want the asset to go to the desired recipient/s only after their death, transferring the property by a Will is a better option for them.

Who can challenge a registered gift deed?

However, it will be challenged only if you are able to establish that the execution of the deed was not as per the wish of the donor or was executed under misrepresentation, fraud etc. Some grounds on which a gift deed can be challenged are stated below: 1.

What are disadvantages of gift deed?

The donor must be the absolute owner of the property, it must not be the ancestral property. It is valid for any future transaction and u can mutate ur name as the owner of the property.