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Rules of a valid gift of property

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Laws and acts are everywhere in a civil society. There is a also certain rules and regulations for the gift items too mainly in the property matter. So, one should very cautious regarding any gift of property or belongings to their near and dear ones. In our Indian law book section 123 – the transfer of property act 1882 classifies the approach of gift. The act says that there should be appropriate registered documentation for both donor and recipient while making a gift. It should be signed by both the donor and the person on behalf of the donor that should be attested with at least two witnesses. In case of power of attorney it should be clear with all the provisional certification demanded by the act. Some time the situation may arise with one donor and multiple recipients mainly with in a family transfer of properties and other asset. Here if one denies the part of gift he was offered then it does not mean a fake or the gift is cancelled.
In those cases the person who agrees his part of gift will not be allotted the extra than his share of gift even if the other denies and neither can he demand the other half the denied part at any circumstances. The rest of the gift will be reverted to the credit of the donor if recipient denies accepting his/her share of gift. Other point in gift making is that the gift should be made during the life time of the donor looking to his/her capability. There should be a full fledge recording of the gift in an adequate manner of documentation. A gift also can be suspended under certain condition contents and condition provoke to the recipient and donor himself.
Source: NIMMA BENGALURU

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