10 FAQs on NRI Gift Deeds

 

1. What is an NRI Gift Deed?

NRIs use a legal document called an NRI Gift Deed to actively transfer property or assets as a gift to another person or entity in India.

2. Who can execute an NRI Gift Deed?

Any NRI (Non-Resident Indian) who owns property or assets in India can execute an NRI Gift Deed.

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3. What can be gifted through an NRI Gift Deed?

NRIs can actively use an NRI Gift Deed to gift various types of property or assets in India, including movable or immovable property such as land, house, cash, jewelry, shares, etc.

4. What are the requirements for executing an NRI Gift Deed?

The requirements for executing an NRI Gift Deed may vary depending on the specific laws and regulations of the relevant Indian state, but generally, it may require a valid gift deed on stamp paper, signatures of the donor (NRI), and the donee (receiver), registration with the appropriate authority, and compliance with taxation and foreign exchange regulations.

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5. Can an NRI gift property to anyone in India?

Yes, an NRI can gift property to any person or entity in India, subject to certain restrictions and regulations under Indian law.

6. Are there any tax implications for NRIs gifting property in India?

An NRI must carefully consider and comply with potential tax implications, including gift tax and capital gains tax when gifting property in India, as it may have tax implications.

7. Can an NRI gift property to a person outside India?

Yes, an NRI can gift property to a person outside India, subject to certain restrictions and regulations under Indian law.

 

8. Can an NRI revoke a gift made through an NRI Gift Deed?

Generally, once a gift is made through an NRI Gift Deed, it cannot be revoked, as it is an irrevocable transfer of ownership. However, specific circumstances and legal provisions may allow for revocation under certain conditions.

9. Can an NRI gift a property jointly with another person?

Yes, an NRI can gift a property jointly with another person, subject to compliance with relevant Indian laws and regulations.

10. Is it necessary to register an NRI Gift Deed in India?

Yes, registration of an NRI Gift Deed is generally required under Indian law, and failure to register the gift deed may result in legal implications and challenges to its validity.