There are various ways of transferring property. The most common method of property transfer is by means of a sale deed. But what do you do when you are not exactly selling it but transferring it to a relative? In such a case a gift deed or a relinquishment deed can do just the job.Gift deed: A gift deed is a document that is used when you want to gift your asset or property, that is, you want to give away the property without any exchange of money. A transfer of property through a gift deed is an irrevocable transfer, that is, a transfer that cannot be turned around. Once you transfer the property through a gift deed you can neither reverse the transfer nor ask for monetary compensation from the beneficiary. To gift a property you have to draft a document on a stamp paper, get it attested by two witnesses and as per Section 17 of the Registration Act, 1908 get the gift deed registered by the sub-registrar of assurances. Registering the deed is mandatory and not registering it makes the transfer invalid.Apart from gifting properties gift deeds can also be used to gift movable properties like jewelry or company shares.The advantage of property transfer through a gift deed is that you have to pay no taxes in such a transfer. You will however have to pay stamp duty which can vary between 1-8% if the property is transferred to a relative. If transferred to a non-relative 5-11% stamp duty is applicable. However gift deeds to non-relatives are taxable.The chief disadvantage of a gift deed is that almost no gift deed ever goes unchallenged. It cannot be revoked but it can be challenged in court on the grounds of fraud. Often people drag a gift deed to court claiming that they have been tricked into gifting a property. The gift deed can also be challenged if the donor is a minor or of unsound mind. To avoid being challenged for a gift deed, you can take the help of a lawyer while drafting the deed. In that manner you can minimize the chances of the deed being challenged. A property held jointly cannot be gifted.Relinquishment deed: A relinquishment deed is almost same as a gift deed. This too can be used to transfer a property but it is basically used to transfer the rights over a property to a co-owner. A relinquishment deed, same as any other document used for transfer of property, has to be signed by both the parties and has to be registered. The stamp duty payable for a relinquishment deed is same as in the case if the gift deed. But unlike a gift deed, a relinquishment deed is taxable both in case of relatives and non-relatives. But in case of transfer by a relinquishment deed, stamp duty and tax are applicable only on the portion of the property that is being relinquished by the donor.The chief advantage of a relinquishment deed over a gift deed is that it allows the transfer of a jointly held property. It can also be used for monetary compensation. A relinquishment deed can be used in cases like when the owner of a property dies without leaving behind a will and the property is inherited by all the siblings.In case of gift deeds, you will have to personally bear the stamp duty charges but you shall not be liable to pay stamp duty expenses. However a gift deed can be challenged in the court of law but cannot be revoked under any circumstances. In case of a relinquishment deed, you transfer the ownership rights of property to another individual but you shall be liable to pay the stamp duty charges. These deeds are not revocable and can be challenged in the court of law. This alternative is best suited in case of transferring your share of the property in case of a jointly held property. займ на карту без отказов круглосуточновзять кредит онлайн