Gift deed Resident indian donor and NRO donee
2 months ago
Hi,
I am a NRI living currently outside India. My mom is an Indian resident. She wants to gift me some amount of INR and for the same she would deposit the amount in my NRO account. My eventual intention is to outward-remit the gift money from my NRO account to my overseas account. For this the bank requires me to furnish gift deed as a proof of source for the amount.
Since at present I am not in India, I have some questions related to getting the gift deed ready.
1) Can the gift deed be prepared (typed and signed) after the amount is transferred to my NRO account provided I get the stamp paper issued before/on the transfer date?
2) Does the donor and the donee, both have to be physically present at the same time and sign the gift deed together for it to be valid?
,or
Can the donor sign it first at the notary and the donee (i.e. me) sign it later on when I visit India?
3) Can my PoA in India sign the gift deed on behalf of me?
Regards
As regards Q. No.1) Can the gift deed be prepared (typed and signed) after the amount is transferred to my NRO account provided I get the stamp paper issued before/on the transfer date? Ans - 'Gift' is defined under Section 122 of the Transfer of Property Act, 1882 as the transfer of certain existing moveable and immoveable property made voluntarily and without consideration, by one person called the donor, to another, called the donee, and accepted by or on behalf of the donee. So, no consideration is permissible under the law behind the execution of a deed of gift. As regards Q. No.2) Does the donor and the donee, both have to be physically present at the same time and sign the gift deed together for it to be valid? , or Can the donor sign it first at the notary and the donee (i.e. me) sign it later on when I visit India? Ans - the donor and the donee, both have to be physically present at the time of execution and registration and sign the gift deed together. As regards Q. No.3) Can my PoA in India sign the gift deed on my behalf of me? Ans - You cannot do a gift deed or sale of property in India based on a GPA. you need a Power of Attorney registered at the local sub-registrar that also specifically mentions the property details for which you are making the registered power of attorney. Reach out to an Advocate for guidance and steps.
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