The Ultimate Guide to Gifting Property to Blood Relatives

Introduction Section 122 of the Transfer of Property Act, which was enacted in 1882, clearly defines the term ‘gift’. In the spirit of voluntary donation, any property, whether moveable or immovable, can be given as a gift to a known person. The beneficiary accepts the gift himself or someone who inherits the property on his behalf. In accordance with the TPA, a gift can consist of mortgages, land, actionable claims, or valuable goods. After compliance with the Transfer of Property law, actionable claims, such as insurance policies, shares, bonds, etc., can be donated through gift deeds. An ideal gift should […]