Property News: Can you take back the property after gifting it? Know the rules and regulations

HR Mandi Bhav, New Delhi: Just as you keep giving many things as gifts to your loved ones, in the same way you can also gift property to your close ones or someone special.

You can give as a gift (Gift Deed) or donate it to someone only the property which is registered in your name. If you have given any property like your house, house, shop, farm etc. as a gift to someone and now you want to take it back in your name? So what legal avenues are left for you?

Gifting the property means that the owner is transferring his property to another person on his own will.

In return he will not take any money or value from him. In such a situation, to gift the property, a person has to prepare a gift deed as per the sale deed.

What property can be gifted?

Let us tell you that you will have to give this gift within the ambit of law. Many rules have been made regarding this. The rules regarding gifting property say that you can give only that property as a gift.

Or you can donate it to someone in whose ownership your name is registered (Registered ownership), that is, the law allows gifting or donating property only to the person who is the legal owner of that property.

Can gifted property be taken back?

Legally, property received as a gift cannot be rejected. If the gift giver has gifted his property to another person of his own free will and the other person has accepted it.

Once the ownership of the property is transferred to the name of the new owner, under normal circumstances this transaction cannot be canceled. But this can happen in some extraordinary circumstances.

These are the rules for suspending

Some special circumstances have been mentioned in Section 126, in which the gift deed can be cancelled. Like- the purpose for which you are gifting the property,

If that objective is not fulfilled, you can take back the property given as a gift. If both the giver and the receiver of the gift agree, then the gift deed can be suspended or canceled with mutual consent.

If the property is not transferred despite signing the gift deed and the gift giver later changes his decision, then in such a situation also the gift deed can be canceled as per his wish.

Apart from this, the person gifting the property should be completely mentally healthy. If he is mentally unsound or the recipient of the gift has obtained the gift by duress or by committing any fraud, then the deed can be declared invalid.