Yes, a gift deed can be canceled under many conditions as outlined in Section 126 of the Transfer of Property Act, 1882.
Agreement: If the donor and donee concur that the gift can be canceled if a precise event happens that isn't managed by the donor, then it can be canceled. Proper gift deed registration is necessary to legally bind this agreement. For cross-border situations, ensure the use of an NRI gift deed agreement or verify gift deed documents required.
Revocability Agreement: If both parties concur that the gift can be canceled entirely or partly at the donor's will, this agreement is not justifiable. For transfers in familial relationships, comply with regulations such as gift deed blood relation India and confirm applicable stamp duty on gift deed in blood relation.
Similar to Rescission: The gift can be cancled in situations like when a contract can be canceled, besides for cases where there's no consideration or if it fails. Transfers like gift to NRI by resident Indian or gift from NRI to resident Indian require adherence to specific legal frameworks to avoid disputes.
Exceptions: A gift is generally irreversible, except in specific situations. However, if someone purchases the property in good faith, without knowing it could be revoked, their rights remain protected. Ensuring compliance with income tax on gift deed in blood relation and maintaining complete documents required for gift deed can safeguard all parties.
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Can a Gift Deed Be Revoked?
Yes, a gift deed can be canceled under many conditions as outlined in Section 126 of the Transfer of Property Act, 1882.
Agreement:
If the donor and donee concur that the gift can be canceled if a precise event happens that isn't managed by the donor, then it can be canceled. Proper gift deed registration is necessary to legally bind this agreement. For cross-border situations, ensure the use of an NRI gift deed agreement or verify gift deed documents required.
Revocability Agreement:
If both parties concur that the gift can be canceled entirely or partly at the donor's will, this agreement is not justifiable. For transfers in familial relationships, comply with regulations such as gift deed blood relation India and confirm applicable stamp duty on gift deed in blood relation.
Similar to Rescission:
The gift can be cancled in situations like when a contract can be canceled, besides for cases where there's no consideration or if it fails. Transfers like gift to NRI by resident Indian or gift from NRI to resident Indian require adherence to specific legal frameworks to avoid disputes.
Exceptions:
A gift is generally irreversible, except in specific situations. However, if someone purchases the property in good faith, without knowing it could be revoked, their rights remain protected. Ensuring compliance with income tax on gift deed in blood relation and maintaining complete documents required for gift deed can safeguard all parties.
Also Read: What are the properties that can be Gifted through gift deed in india?