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What is a Gift Deed?
The lawful owner of a property can transfer it to another party without any monetary consideration through a gift deed. All such deeds must be signed by the donor, attested by 2 witnesses and then registered. Charges will vary in each state as stamp duty must be paid on the value of the property. Generally, such gifts are given by one family member to another, but there is no such restriction. However, gifts from relatives (and wedding gifts) are exempt from tax.