Few tips in terms of NRI realty investment

Q: Hi, my son is an NRI and i want to gift him property , need to know the rules and regulation

Praneetha, Delhi-NCR

6th October 2013

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Replies (4)

Section 125 highlights that if one property is gifted to more than one person (two or more donees), of whom one does not accept, is void as to the interest which he would have taken had he accepted.

Bhuvan, Delhi-NCR

6th October 2013

Comment

Yes. An NRI or a PIO is eligible to receive a property as gift. The donor should be a resident of India/NRI/PIO. As mentioned earlier, the property to be transferred as a gift has to be either a commercial property or a residential property, but not an agricultural land, plantation property or farm house in India.

Arpit, Delhi-NCR

6th October 2013

Comment

How to transfer a gift property?

Rajesh, Delhi-NCR

6th October 2013

As per Section 123 of the Transfer of Property Act, 1822, for the purpose of making a gift of immovable property, the transfer must be effected by a registered instrument signed by or on behalf of the donor, and attested by at least two witnesses.

Anwar Mohammed, Delhi-NCR

6th October 2013

Property by gift can even be transferred to a minor, one who is below 18 years of age. In other words, the donee can also be a minor, since the basic element of giving a gift is that it is given out of natural love and affection.

Gautam Das, Delhi-NCR

6th October 2013

Comment

Can a property in India be gifted to an NRI?

Syed Pasha, Delhi-NCR

6th October 2013

Generally, most NRIs are of the opinion that these laws are way too complicated, while actually they are not.

Farhan Iqbal, Delhi-NCR

6th October 2013

Comment

According to Section 122 of the Transfer of Property Act, 1822, the gifting of a property is referred to transfer of a certain existing immovable property made voluntarily and without consideration, by one person, called the “donor”, to another, called the “donee” and accepted by and on behalf of the donee

Suhail, Delhi-NCR

6th October 2013

Only an existing property can be transferred by the way of gift and not any future property can be transferred. And the transfer has to be made voluntarily, without any compensation. The gift must be accepted by the donee or on behalf of the donee, and only during the lifetime of the donor.

Harilal, Delhi-NCR

6th October 2013