Q&A

Question: Why transfer property under a gift deed?

When transferring property to relatives of children, a sales deed can be redundant. Instead a gift deed may be more appropriate.

A gift deed allows you to give away assets as gifts, or transfer ownership of property without any exchange of money. The biggest advantage of a gift is that there are no tax obligations, apart from stamp duty.

The process of registering a gift deed depends on whether property is immovable (eg. real estate) or movable (eg. jewellery). Both require the drafting of a gift deed, but you only need to register it if the property is immovable.