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Transferring Property by Gift Deed
If you want the receiver to start reaping the benefits of the asset right away, you must transfer ownership of the asset as a gift. You may gift any self-owned property to anyone you wish, provided the property is not disputed, and you are qualified to enter into a contract under the Indian Contract Act. Anyone over the age of 18 who is of sound mind can be a real estate receiver. A gift deed can be used to give away property.
Before making a gift deed, here are the following points to keep in mind

During your lifetime, you can give a property gift
Once the gift is accepted, the receiver will become the property’s owner.
The registration of a gift deed is required.
There are no taxes on gifts made to close relatives.
The recipient must pay taxes on gifts of real estate valued at more than INR 50,000 given to people who are not immediate family members or non-relatives.
Property transfers are final and can’t be revoked.
Transfer of Property by Will
In contrast to a gift deed, which allows a receiver to become the owner of a property during the transferor’s lifetime, a Will allows possession to be of the receiver only after the demise of the person implementing the Will to transfer a property. According to the current laws, you are not supposed to enter a Will or attempt any stamp duty on it.

People can inherit assets in two ways after someone dies. Without a will, the deceased’s assets will be distributed to his relatives following the terms of successors applicable to the deceased. If the deceased leaves a will, the assets will be acquired by the persons named in the will. If all of the assets are not covered by the will, the assets that are not protected will be inherited by the deceased’s legal heirs according to succession law.

Not many are aware of this but there are no restrictions on a person choosing to give his assets to anyone to the exclusion of his beneficiaries under Hindu succession law. Whereas when it comes to Muslims, one cannot bestow more than one-third of his assets in a will under Muslim law.
#kannada #law #india #section #act #property #will #deed #gift #succession
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