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Q.Is it required to Execute the revised Gift Deed
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Q. Is it required to Execute the revised Gift Deed

Hi,

Namaskaram,

I represent a registered Trust which has some 10 acres of land. Prior me, my father was managing the activities of the trust and during his tenure as a member of Trustee, he executed a gift deed 0f 7 acres of land to Tirumala Tirupathi Devastanams upon the resolution passed by the other trustee's.

There was some objection raised by locals during this transaction and it took 3 years to sort it out and now the objection is resolved. My father, who executed the gift deed in favor of T.T.D expired last year.

Now T.T.D requested the Trust to registered the revised gift deed as the earlier gift deed is acceptable subsequent to the death of the donor as it is not valid in law.

My question: The earlier gift deed execution is done by my father as a representation to the Trust and upon the resolution passed by the Trustee members. The Trust still exists and elected me to my father's role. Should we really required to re execute the revised gift deed as requested by T.T.D or is there any law that can help us to go ahead with the earlier registered gift deed.

Thank you
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A. Dear Client,
The law requires acceptance of the gift after its execution, though the deed may not be registered. ... A gift of immovable property, which is not registered, is bad in law and cannot pass any title to the donee. Documents should be stamped and registered as required, and attested by two witnesses.
Gift of immovable property: In case of gifting of immovable property (i.e., land or building), the recipient would be required to pay income tax if the stamp duty value of the property exceeds Rs 50,000 and such property is received without adequate consideration.
Any inadequate consideration received wherein the difference between the consideration and stamp duty value exceeds higher of Rs 50,000 and 5 percent of consideration, such difference shall be taxed in the hands of the recipient.
Best Option for you would be get in touch with Income Tax Officer, of your Circle, and Income Tax Advocate or through Vidhikarya.com

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Shanti Ranjan Behera

Experience: 22 Year(s)

Responded 6 months ago

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A. Dear client gift deed cannot become invalid after the executor.you can pass another resolution and execute a revised gift deed.

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Deepak Bade

Experience: 9 Year(s)

Responded 6 months ago

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A. Kindly engage a local expert for the same.

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ARPIT BATRA

Experience: 11 Year(s)

Responded 7 months ago

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A. Dear Sir,
Usually a gift deed cannot become invalid after the executor. Since TTD asking for another gift deed you may just refer the earlier gift and pass another resolution and execute a revised gift deed. The TTD perhaps asked such revised gift deed to get it ratified as to whether the earlier gift deed was genuine one.

For full procedure contact me through Vidhikarya.

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A. IF THE TRUST BOARD WILLING TO EXECUTE THE DEED IT CAN BE DONE, OR FROM THE OLD GIFT DEED THE DEVASTHANAM BOARD CAN DO ANY ACTIVITY

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SUNDARAVADIVELU VELU

Experience: 10 Year(s)

Responded 7 months ago

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