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Gift DPC Assignment

The document defines a gift under Indian law as a voluntary transfer of movable or immovable property without consideration from a donor to a donee. It must be accepted by the donee. Stamp duty and registration is required, with lower fixed rates for gifts within blood relations. The document is a deed of gift transferring land from a donor to his daughter as a site for a new girls' school. The land value is Rs. 15 lakhs. The gift will be revoked if the land is not used for the school within a year or the school closes or relocates.

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Shobha Mohandas
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290 views

Gift DPC Assignment

The document defines a gift under Indian law as a voluntary transfer of movable or immovable property without consideration from a donor to a donee. It must be accepted by the donee. Stamp duty and registration is required, with lower fixed rates for gifts within blood relations. The document is a deed of gift transferring land from a donor to his daughter as a site for a new girls' school. The land value is Rs. 15 lakhs. The gift will be revoked if the land is not used for the school within a year or the school closes or relocates.

Uploaded by

Shobha Mohandas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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GIFT

GIFT has been defined under Section 122 of the Transfer of Property Act, 1882 which states that Gift is transfer of
certain movable or immovable property made voluntarily without consideration by one person called Donor to
another person called Donee and accepted by or on behalf of the Donee.

Stamp Duty and Registration charges:-

The value of the property gifted must be set forth in the deed of gift. Stamp Duty is payable on the Gift Deed as on
the date of conveyance as per the market value of the property as per Section 23 of the Indian Stamp Act, 1899.

However, within the blood relation, for Gift Deed registration, the stamp duty payable is fixed sum of Rs.2,500/- only.
If it is outside the blood relation, the stamp duty applicable is as per Sale Deed.
DEED OF GIFT

THIS GIFT is made the 14th day of September, 2019 by and between:-

SRI RAMANANDA REDDY,


S/o Sri Murugesh,
Aged about 55 years,
Residing at F-14, `B’ Block,
Mantri Garden Apartments,
Gottigere, B.G. Road,
Bengaluru – 560 076.

(Hereinafter called `the Donor’) of the ONE PART

IN FAVOUR OF:
SMT. VANI,
D/o Sri Ramananda Reddy,
Aged abut 22 years,
Residing at F-14, `B’ Block,
Mantri Garden Apartments,
Gottigere, B.G. Road,
Bengaluru – 560 076.

(Hereinafter called `the Donee’) of the OTHER PART

WHEREAS the Donee intends to start a school in his village called Mallasandra, Begur Hobli, Bengaluru South Taluk for
the education of poor students.

AND WHEREAS the Donor is desirous of donating the land fully mentioned and described in the Schedule hereto to be
used as a site for the said School.

NOW THIS INDENTURE WITNESSETH that in pursuance of the said pious wish and desire and as a patron of the
proposed school to be started by the Donee, the Donor do hereby and hereunder freely and voluntarily grant, convey,
transfer, give, assign and assure unto and to the use of the donee and his successor ALL THAT etc., to be used solely
and exclusively for the purpose of a site for construction and accommodation of the purpose of girls school TO HAVE
AND TO HOLD the same so long as the same shall be used and occupied as a site and/or building of the school AND
THAT the Donee accepts the gift of the said property hereunder made solely and exclusively for the purpose
hereinbefore indicated subject to the condition hereunder provided.

THIS INDENTURE FURTHER WITNESSETH that it is expressly agreed and understood by and between the parties that
this gift of land will stand ipso facto revoked in the event the land hereunder given is not used for the purpose of
intended school for which the same is given within a period of one year from the date of these presents or in the
alternative the said school is abolished or shifted elsewhere or amalgamated with some other institution when and in
all or any such event or events the land with all buildings and structures, if any erected thereon, shall revert to and
revest in the Donor or his heirs, executors, administrators and representatives and shall form part of his former estate
as if this deed of gift was never executed nor intended.

AND it is further agreed by and between the parties that in case the land is acquired by the Government, the Donee or
his successors, including any person or person managing the school, shall invest the compensation money to be
awarded in purchase of another land or building to be used solely and exclusively for the school unless otherwise
directed by any court of competent jurisdiction. The estimated value of the property is Rs.15,00,000/- (Rupees Fifteen
Lakhs only).

IN WITNESS WHEREOF the Donor has executed this deed of gift and delivered the same to the Donee who has also
executed the same in token acceptance thereof the day, month and year first above written.

SCHEDULE
All that piece and parcel of land bearing Sy.No.13/1 measuring 0.02 guntas, situated at Marenahalli Village, J.P.Nagar
6th Phase, Bengaluru-560 078 and bounded on the:-

East by : Road
West by : Land bearing Sy.No.27
North by: Private Property
South by: Government Property

WITNESSES:

1)

DONOR
2)

DONEE

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