Succession Planning
Module Units
- 1. Introduction
- 2. What Is The Need To Involve Your Family In Financial Matters?
- 3. Debunking The Myths About Succession Planning
- 4. Tools For Succession Planning
- 5. Nominee
- 6. Nomination vs. Assignment
- 7. Will
- 8. Disadvantages Of Not Writing A Will
- 9. Online Or Offline Will
- 10. Witness And Executor To The Will
- 11. Registration Of Will
- 12. Gifts
- 13. Comparison Between Gift And Will
- 14. HUF (Hindu Undivided Family)
- 15. Properties Or Assets That Can Be Classified As The Assets Of A HUF
- 16. What Happens In Case Of Death Of The Karta?
- 17. Partition Of HUF
- 18. Trusts
- 19. Types Of Trusts
- 20. Practical Matters – Investors
- 21. Mandatory Registration
- 22. Pitfalls Of Forming HUFs
- 23. Comparison Between Will And Trust
- 24. What Your Family Should Know Before Your Death?
- 25. Conclusion
Gifts
We often give gifts to each other. But when it is the case of any gifting asset like property, it should be legally transferred with a gift deed. Therefore, in this section, we will understand gifting more deeply.
What is a Gift?
- As per Transfer of Property Act, 1882, a gift is considered to be valid only when it is made voluntarily; it is without consideration; there has been an offer by the donor; and the offer has been accepted by the donee, and the donee actually accepts the gift.
- A gift deed must be executed by the donor and the donee. Further, the gift deed must be attested by two attesting witnesses. Stamp duty must be paid on the gift deed and the same must be registered.
- A gift deed is a compulsorily registrable document under the Registration Act, 1908 and will have to be registered with the sub-registrar of assurances. The applicable registration charges will also have to be paid.
Who can give gifts and what can be gifted?
- Generally immovable property is gifted by a legal registered document known as the gift deed which should be legally attested.
- Movable property can be gifted just as immovable property or by delivery. Sometimes gifts can be made even by book entries.
- A person gifting any property should have a valid ownership of the property.
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