Property Gifting Trend Among Bollywood Celebrities and its Legal Implications

Bollywood stars Alia Bhatt and Kangana Ranaut have set a trend in the industry by gifting properties to their siblings in recent years. Last year, Alia Bhatt transferred two luxurious flats in Juhu to her sister, Shaheen, through a heartfelt gift deed. These flats, located in Gigi Apartments, boast a combined built-up area of 2,086 sq ft and a dedicated car parking spot.

On the other hand, Kangana Ranaut, known for her roles in movies such as Queen and Manikarnika: The Queen of Jhansi, made headlines when she gifted four under-construction luxury flats to her siblings and cousins in Chandigarh. This generous act was showcased on social media as Ranaut aimed to promote sharing wealth within the family.

The legal implications of such property gifting are governed by the Transfer of Property Act, 1882. Notable legal firms like AQUILAW and Shivadass & Shivadass Law Chambers provide expertise in facilitating these transactions. It is essential for such transfers to be executed through formal written instruments like gift deeds, duly registered with applicable stamp duty and registration fees.

Several Indian states have introduced stamp duty exemptions for inter-se gifts between siblings, incentivizing these transactions and reducing financial burdens. States like Uttar Pradesh, Maharashtra, Haryana, and Uttarakhand offer opportunities for cost-saving benefits when gifting properties to immediate family members, including siblings.

Gift deeds for immovable properties must be attested by witnesses and registered at the sub-registrar’s office to ensure legal validity. By gifting properties during their lifetime, individuals provide financial security to their siblings and finalize their estate plans, avoiding potential legal disputes in the future.