​Gifting is often used to transfer property or money within the family or to relatives by way of will or inheritance. As per the amendment announced in Budget 2022, gifting of cryptocurrency can invite gift taxation. Read on to know the documents an individual should have to prove to tax authorities that gift transaction is genuine.
Using a gift deed to transfer a flat or immovable property, either as a whole or in partial, has been common practice for owners, as it minimises the chances of dispute in property inheritance cases. Unlike a will, the gift deed is immediately executable and one does not require a court order to get it enforced. This way, it saves time and hassle for the donee or nominee in matters relating to transmittal of immovable property.
A person can bequeath their assets to any person of their choice without needing NOC from their children. However, the applicable personal law should be kept in mind, and a lawyer should be consulted. A bungalow s 50% ownership can be transferred to a spouse through a registered gift deed or a will.
From 2019, the number of gift deeds registered increased to 8,694 in 2020, nearly doubled to 16,322 in 2021, and 20,843 in 2022. Up to March this year, 3,287 gift deeds have been registered. The reason for this is a heightened sense of mortality among people.
Housing societies cannot always be the trouble-free utopias that we imagine them to be, as they do have their own share of woes and problems. Some problems can be resolved by a discussion with the managing committee, but for more complicated issues, one may have to approach the appropriate authorities such as the municipal corporation, deputy registrar for co-operative societies, consumer court or even the police.