{"id":3201,"date":"2021-10-29T11:34:04","date_gmt":"2021-10-29T06:04:04","guid":{"rendered":"https:\/\/www.lankapropertyweb.com\/property-news\/?p=3201"},"modified":"2023-05-12T09:23:38","modified_gmt":"2023-05-12T03:53:38","slug":"10-things-you-didnt-know-about-the-deed-of-gift-in-sri-lanka","status":"publish","type":"post","link":"https:\/\/www.lankapropertyweb.com\/property-news\/10-things-you-didnt-know-about-the-deed-of-gift-in-sri-lanka\/","title":{"rendered":"10 Things You Didn&#8217;t Know About the Deed of Gift in Sri Lanka"},"content":{"rendered":"\n<p>The Sri Lankan law defines a deed of gift as a contract where the owner of the property (donor) gifts property to another person (donee) with or without conditions. This contract may include conditions such as the donor reserves the right to revoke the gift or conditions that make the deed of gift absolute and completely irrevocable. Generally, once the Deed of Gift is accepted, the Gift will be completed. When he does, then he is bound by the conditions imposed on the Deed of Gift in Sri Lanka.&nbsp;&nbsp;<\/p>\n\n\n\n<p>To understand the Deed of Gift, we have categorized items of the same as follows;&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Format of a deed of gift<\/li><li>Conditions of offering or receiving a gift deed<\/li><li>Who can be a donor and donee?&nbsp;<\/li><li>Stamp duty for a deed of gift<\/li><li>Properties that can be given as a deed of gift<\/li><li>Applying for a loan on a gift deed<\/li><li>Revoking a gift deed&nbsp;<\/li><li>Deed of Gift Vs Will<\/li><li>People with disabilities how to sign?<\/li><li>FAQs on a deed of gift<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Conditions of offering or receiving a Deed of Gift<\/strong> in Sri Lanka<\/h3>\n\n\n\n<p>The general conditions such as Reserving the Life Interest, Reserving the Right to Revoke, and\/or any other conditions can be mentioned by the donor except conditions related to Fideicommissum.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Who can be a donor or donee?<\/strong><\/h3>\n\n\n\n<p>Any person can be a donor or donee under the context of Sri Lanka. However the donor should grant the property by way of a Gift in consideration of Love, Affection, Service or Progression to the other party. Most of the time in Sri Lanka the properties are gifted among family members. Nevertheless, legal personalities like limited companies may also be a party as a Donor or Donee to Gifts. However, a particularly noteworthy factor to be considered in the process is that the Donor or Donee should be more than 18 in age. If not, the Gift shall be void ab initio unless Parents \/ Custodian \/ Agent accepts the Gift on behalf of the minor.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"\u0dad\u0dd1\u0d9c\u0dd2 \u0d94\u0db4\u0dca\u0db4\u0dd4\u0dc0\u0d9a\u0dca \u0dba\u0db1\u0dd4 \u0d9a\u0dd4\u0db8\u0d9a\u0dca\u0daf ? | Real Talk by Lanka Property Web\" width=\"1140\" height=\"641\" src=\"https:\/\/www.youtube.com\/embed\/WXraH6MhuQI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Stamp duty for a deed of gift&nbsp;<\/strong><\/h3>\n\n\n\n<p>In Sri Lanka it is a must to pay the <a href=\"http:\/\/www.ird.gov.lk\/en\/Type%20of%20Taxes\/SitePages\/StampDuty.aspx?menuid=1213\" target=\"_blank\" rel=\"noreferrer noopener\">Stamp Duty<\/a> for Gifts. The relevant provincial council acts as the collecting authority for this Stamp Duty and the payment of it is a necessary requirement for the Registration of the Gift in the Land Registry. The Stamp Duty calculation is as follows;<\/p>\n\n\n\n<p>For the First Rs.50,000 &#8211; 3%&nbsp;<\/p>\n\n\n\n<p>The Balance Amount &#8211; 2%<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Properties that can be given as a deed of gift&nbsp;<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Moveable and immovable property<\/li><li>An existing property<\/li><li>A tangible property&nbsp;<\/li><li>A transferable property<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Applying for a loan on a Deed of Gift<\/strong><\/h3>\n\n\n\n<p>There is no legal impediment on granting loans by means of Gifts. However there are difficulties arising when <a href=\"https:\/\/lankapropertyweb.com\/housing-loan-comparison\/\" target=\"_blank\" rel=\"noreferrer noopener\">applying for a loan<\/a> on Gift that bears the condition of Life Interest. This is because the Life Interest Holder has the right of revoking the Gift under Life Interest condition. Therefore most bankers in Sri Lanka request from the borrower to remove the Life Interest condition from the Gift prior to proceeding with a loan.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>When can a Deed of Gift be revoked in Sri Lanka?&nbsp;<\/strong><\/h3>\n\n\n\n<p>Revocation of a Deed of Gift in Sri Lanka varies based on the law that applies to it. According to the Roman Dutch Law, under Revocation of Irrevocable Deeds of Gift on the ground of Gross Ingratitude Act, No. 5 of 2017, a deed of gift can be revoked by reason of Gross Ingratitude within 10 years from the execution of the Gift and 2 years from the date which Cause of Action arose.&nbsp;<\/p>\n\n\n\n<p>Even if a deed of gift has been written off as irrevocable by the donor, it is still revocable under certain conditions;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>If the donee fails to carry out a command concerning its applicability (donatio sub mode)<\/li><li>If the donor was childless at the time of the gift but later became the father of a lawful child through birth or legitimation.<\/li><li>On the ground of the donee&#8217;s ingratitude<\/li><li>If the heirs of the Donor were highly prejudiced due to granting of the Gift.&nbsp;<\/li><\/ul>\n\n\n\n<p>Ingratitude towards the donor by the donee covers instances such as;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>If the donee lays manus impias (impious hands) on the donor.<\/li><li>If he causes him a grievous damage&nbsp;<\/li><li>If he intentionally causes him considerable loss of property&nbsp;&nbsp;<\/li><li>If he makes an attempt on his life&nbsp;<\/li><li>If he fails to fulfill the gift&#8217;s requirements&nbsp;<\/li><li>Other equally grave causes<\/li><\/ul>\n\n\n\n<p>However, the Revocation of a Gift depends on the law that applies as well. Generally Gifts are irrevocable under Roman Dutch Law but they are revocable under Special Laws such as Kandyan Law and Muslim Law.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Deed of gift Vs Will<\/strong><\/h3>\n\n\n\n<p>A deed of gift and a will are both legally recognized documents that usually involve property transfers. The main difference between the two however is that a deed of gift allows the donee to claim ownership of a particular property immediately while a will only becomes valid after the Court has ordered to execute it. Besides this, registration and Stamp Duty payment is not required for a will however the Gift can be registered and Stamp Duty will be imposed as aforesaid.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How do <strong>People with disabilities sign a Deed of Gift in Sri Lanka?<\/strong><\/h3>\n\n\n\n<p>There may be people who are illiterate to sign or possess physical difficulties to sign. In such a situation, they can affix their thumb impression on the Deed of Gift and execute the Gift. However the Donor should be in a good mental condition at the time of the execution of a Gift to preserve its legality.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>FAQs<\/strong><\/h4>\n\n\n\n<p>Is it legal to revoke a deed of gift on a land without informing the donee?&nbsp;<\/p>\n\n\n\n<p>Yes. There is no legal impediment to revoke without informing the donee as far as the Gift is revocable.&nbsp;<\/p>\n\n\n\n<p>For more details on property transactions visit  our <a href=\"https:\/\/lankapropertyweb.com\/features\/property-buying-for-foreigners.php\" target=\"_blank\" rel=\"noreferrer noopener\">Property Buying Guide <\/a>or get professional assistance through our <a href=\"https:\/\/lankapropertyweb.com\/buyers-sellers-assistance\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buyer &amp; Seller Assistance services<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Sri Lankan law defines a deed of gift as a contract where the owner of the property (donor) gifts property to another person (donee) with or without conditions. This contract may include conditions such as the donor reserves the right to revoke the gift or conditions that make the deed of gift absolute and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"rttpg_featured_image_url":{"full":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1.jpg",1024,628,false],"landscape":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1.jpg",1024,628,false],"portraits":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1.jpg",1024,628,false],"thumbnail":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-150x150.jpg",150,150,true],"medium":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-300x184.jpg",300,184,true],"large":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-1024x1024.jpg",1024,1024,true],"1536x1536":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-1536x1536.jpg",1536,1536,true],"2048x2048":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-2048x2048.jpg",2048,2048,true],"image-size-150x150":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-150x150.jpg",150,150,true],"image-size-550x550":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-550x550.jpg",550,550,true],"image-size-550x550-@2x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-1100x1100.jpg",1100,1100,true],"photo-album-thumbnail-small":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-150x100.jpg",150,100,true],"photo-album-thumbnail-square":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-500x500.jpg",500,500,true],"employees-large":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-500x500.jpg",500,500,true],"employees-small":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-225x225.jpg",225,225,true],"blog-magazine-thumbnail":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-200x200.jpg",200,200,true],"blog-magazine-thumbnail-@2x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-400x400.jpg",400,400,true],"woocommerce-recent-carousel":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-330x260.jpg",330,260,true],"blog-carousel":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-245x180.jpg",245,180,true],"blog-carousel-@2x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-490x360.jpg",490,360,true],"blog-showcase":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-260x180.jpg",260,180,true],"blog-showcase-@2x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-520x360.jpg",520,360,true],"portfolio-x_x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-300x300.jpg",300,300,true],"portfolio-two_x_x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-600x300.jpg",600,300,true],"portfolio-four_x_x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-1200x300.jpg",1200,300,true],"portfolio-x_two_x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-300x600.jpg",300,600,true],"portfolio-two_x_two_x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-600x600.jpg",600,600,true],"portfolio-three_x_two_x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-900x600.jpg",900,600,true],"portfolio-three_x_x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-900x300.jpg",900,300,true],"portfolio-four_x_two_x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-1200x600.jpg",1200,600,true],"portfolio-x_x-@2x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-600x600.jpg",600,600,true],"portfolio-two_x_x-@2x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-1200x600.jpg",1200,600,true],"portfolio-four_x_x-@2x":["https:\/\/www.lankapropertyweb.com\/property-news\/wp-content\/uploads\/2021\/10\/01-2-1-2400x600.jpg",2400,600,true],"portfolio-x_two_x-@2x":["https:\/\/www.lankapropertyweb.com\/prope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href=\"https:\/\/www.lankapropertyweb.com\/property-news\/category\/property-news\/\" rel=\"category tag\">Property News<\/a>","rttpg_excerpt":"The Sri Lankan law defines a deed of gift as a contract where the owner of the property (donor) gifts property to another person (donee) with or without conditions. This contract may include conditions such as the donor reserves the right to revoke the gift or conditions that make the deed of gift absolute and&hellip;","_links":{"self":[{"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/posts\/3201"}],"collection":[{"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/comments?post=3201"}],"version-history":[{"count":6,"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/posts\/3201\/revisions"}],"predecessor-version":[{"id":3909,"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/posts\/3201\/revisions\/3909"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/media\/3207"}],"wp:attachment":[{"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/media?parent=3201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/categories?post=3201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankapropertyweb.com\/property-news\/wp-json\/wp\/v2\/tags?post=3201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}